Base rate held at 0.5pc

The MPC also opted to retain quantitative easing programme at £375bn.

Jeremy Duncombe , director at Legal & General Mortgage Club, said: “Interest rates have now been at historic lows for over six years and although activity in the housing market is picking up, a rise in rates is still some way off.

“However, the rates that banks offer to consumers are not just based on the Bank of England rate. In fact, these rates have actually changed a lot over the past six years.”

Last month the MPC unanimously voted to hold the base rate at 0.5%. The minutes from this month’s meeting will be published at 9:30am on 22 July.

Duncombe added: “Consumers should not fall into the trap of thinking they can wait until the base rate rises before they look for a new mortgage deal.

“Banks will have priced in a rate rise before it happens, so those who wait for a rise in the base rate will find the best rates have gone when they start to look around.

“There are some competitive deals on offer now, so anyone who is close to the end of their deal or who is on their lender’s standard variable rate should act now before they miss their chance.”

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