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Base rate held but for how long?

The Bank of England's Monetary Policy Committee has decided to hold interest rates at 0.5% for the second month.

Most mortgage brokers we spoke to expect the bank to hold rates at 0.5% for the next couple of months until they start to see the full results of the quantitative easing that has already taken up £75 billion of government funds.

Most analysts expect inflation to start to rise quickly later this year, and when the bank does start to raise rates it could happen very quickly.

This could be very uncomfortable for anyone sitting on a variable rate mortgage who could see payments rise quickly.

Fixed rate mortgages have fallen sharply in the last few weeks and there are now many more sub 4% deals on the market.

8th of May 2009

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