The Bank of England’s Monetary Policy Committee (MPC) voted unanimously to maintain interest rates at 0.75%.
Last quarter the economy grew by 0.6% but for Q4 The Bank of England cut the forecast to 0.2%, warning that Brexit uncertainty is weighing on the economy.
Kevin Roberts, director, Legal & General Mortgage Club, said: “Today’s decision will undoubtedly be music to borrowers’ ears.
“While some maybe winding down to focus on the festivities, a wide range of products on the market coupled with competitive rates, continue to entice buyers.
“For any borrowers concerned about any future interest rate rises, now is a good time to lock into a fixed rate deal. Speaking to an independent financial adviser will put them in the best position to find the right mortgage for their borrowing needs.”
Vikki Jefferies, proposition director at PRIMIS and PTFS, added: “The Bank of England’s decision to maintain the current interest rate is no doubt a reflection of today’s uncertain political climate.
“We have seen an increase in buyers adopting a “wait and see” approach when it comes to purchasing their next property, which means that advisers need to respond accordingly.
“This is the perfect opportunity for advisers to speak to their clients about remortgaging their current home, since some people are choosing to improve, rather than move – at least in the short-term. Networks should be working with advisers to lock clients into favourable rates now and maximise opportunities in 2019.
“This is one of our current focuses – equipping brokers with the tools they need to provide the best possible customer outcomes and ultimately give people a greater sense of certainty when it comes to their mortgage payments.”