We’ve seen a number of lenders increase their rates over the past week, and with the Bank of England’s next decision landing on 17 September, we should expect that volatility to continue right up until then.
Markets are watching this one closely: the last vote was a hawkish 6-3 in favour of holding, with three members pushing for a rise, and inflation has since ticked up again.
Whichever way the Committee lands, lenders are clearly positioning for it now rather than waiting for the announcement itself.
That makes this a genuinely important moment for lenders to be conscientious about how they communicate rate changes to brokers. Timely, clear rate pulls aren’t just a nicety – they directly affect a broker’s ability to secure a rate for a client before it moves again.
Getting this wrong doesn’t just create stress on our side, either. It can be the difference between a client locking in the rate they wanted and missing it altogether.
For brokers, that means having honest, proactive conversations with clients right now. Be upfront about what’s happening and why, as clients understand volatility a lot better when it’s explained rather than left to guess at.
It’s also worth reminding clients about the benefits of locking in a new deal now. Most lenders allow clients to switch to a more competitive rate before completion if one becomes available.
That’s a simple point, but it’s the one that tends to overcome a client’s hesitation the fastest.
Alongside that reassurance, the message needs to stay clear. With more movement expected before, and possibly after, next week’s announcement, this is still a good time to be locking a rate in rather than waiting to see what happens.
