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The Bank of England has held the base rate at 3.75%. The vote was 8-1; one member pushed for a cut; the other eight weren’t ready.
If you want the macroeconomics, the full Monetary Policy Report is here. If you want to know what it means for your mortgage, read on.
For our pre-meeting discussion, you can also read here.
What Actually Happened
The MPC is caught between two uncomfortable realities: inflation is still running at 3.3% (above the 2% target), and services inflation ticked up to 4.5% in March.
At the same time, one member thought the case for cutting was already strong enough to act. That 8-1 split is more interesting than the headline hold; it suggests the next move could be up, not down
The next meeting is 18 June.
What It Means For You
If you’re on a tracker mortgage, nothing changes today. If you’re on a fixed rate, nothing changes at all until your deal ends.
If you’re thinking about buying, the rate environment you’ve been planning around is stable for at least another six weeks. That’s not nothing. An Agreement in Principle costs you nothing and takes ten minutes – and it’s worth having before the June decision shifts the picture again.
If you’re coming off a fixed rate in the next three to six months, now is a sensible time to explore your options. You can lock in a rate today; if something better emerges before completion, most lenders will let you switch. We covered the mechanics of that here.
The one dissenting vote matters. Markets are already pricing a cut later in 2026. Fixed rates often move before the base rate does , and waiting for the announcement to act is rarely the optimal play.
Looking To Buy A Home?
Rates remaining where they are means it’s easier to get a sense of what you’ll be expecting to pay.
Our mortgage calculators can help you work out affordability, stamp duty, and repayments.
Know Your Budget Already?
We can help in securing your Agreement in Principle today.
We’re also on hand until 8pm 365 days a year to answer any questions.
About United Mortgages®
United Mortgages® is here 365 days for the next generation of homeowners. We specialise in young professionals and first-time buyers, making mortgages fast, modern, and stress-free. No fax machines. No endless email chains. Just a smarter way to unlocking your next home.
