Base Rates remains at record low of 0.5%

rental-increase-londonThe Bank of England has confirmed that the Base rate will remain at 0.5% despite the overall expectations of reduction in interest rates. The Monetary Policy Committee had decided to maintain the interest rate at 0.5% which was announced on March 2009, which is the record lowest level seen in the UK.

 

Jeremy Duncombe, director, L&G Mortgage Club, says: “Regardless of the fact that Bank of England has decided to maintain the base rate at 0.5%, wherein, it has been maintained from 2009 and counting, many lenders have been making changes in their products, and cheaper fixed rate deals over longer terms have started to come to market over recent weeks. Meanwhile, due to the uncertainty caused by EU result, the mortgage market appears to have reacted calmly.”

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