Base rate held amid Brexit chaos

Ryan Bembridge

March 21, 2019

BoE Money and Credit - mortgage approvals

The Bank of England base rate has been held at 0.75% following a unanimous vote by the Monetary Policy Committee.

The Bank is keeping an eye on what happens regarding Brexit before making any changes, as the UK looks to extend the deadline for leaving beyond the 29 March.

The MPC said: “The economic outlook will continue to depend significantly on the nature and timing of the EU withdrawal.”

Kevin Roberts, director of Legal & General Mortgage Club, said: “With political uncertainty still looming over us, today’s decision is hardly surprising.

“However, borrowers should feel reassured that the mortgage market remains in a strong position and is there to help.

“Not only have interest rates halved in the last decade, but with more lenders offering 95% LTV mortgages now is a great time to secure a good deal.”

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