Ahead of this week’s Bank of England decision the focus for brokers should be on navigating complexity rather than the direction of rates, according to Paul McGerrigan, chief executive officer at Loan.co.uk.

With the Monetary Policy Committee set to announce its latest decision on Thursday, McGerrigan argues that borrower needs are becoming increasingly nuanced, particularly as more consumers fall outside high street lending criteria.

He points to rising levels of adverse credit as a key driver of demand for specialist advice, with millions of UK adults now requiring more tailored borrowing solutions.

This is expected to increase reliance on brokers able to access a wider range of products, including secured loans, bridging finance and specialist lending, as traditional remortgage routes become less viable for some borrowers.

TIME TO SHINE

McGerrigan (main picture) said: “Whatever the MPC decides on Thursday, the headline isn’t the rate. It’s the complexity around it.

“This is the moment brokers earn their keep. Borrowers don’t need us for easy cases; comparison sites do that. They need us when the high-street says no, when a remortgage doesn’t stack, when credit history isn’t picture-perfect. Pepper Money found 16.6 million UK adults have experienced adverse credit. That’s not a niche, it’s the mainstream.

“Brokers with the full toolkit, secured loans, bridging and specialist lending, will grow through this cycle. Those defaulting to vanilla fixes are the most exposed. Their clients are already looking elsewhere. They just haven’t said so yet.”