CCR Magazine

Alan Cleary, managing director of Exact Mortgage Experts, comments on the MPC’s decision to hold the base rate at 0.5%:

“Rates need to be kept on hold indefinitely. You wouldn’t take a plaster-cast off of a broken leg until you knew the bone had healed sufficiently. The same goes for the lending market. It simply hasn’t had sufficient time to recover enough to withstand the impact of a rate rise.

"The MPC needs to make sure there are enough lenders competing to satisfy the built up demand of borrowers. A rate hike before this situation would be catastrophic to recovery.”