BoE’s MPC votes unanimously to maintain Bank Rate at 0.75%

The Bank of England’s MPC has voted unanimously to maintain the Bank Rate at 0.75%.

The Committee voted unanimously to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £10bn.

The Committee also voted unanimously to maintain the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435bn.

"Interest rates remain relatively low which will be welcome news for those looking to get a good deal on their mortgage,” Habito chief strategy officer Martijn van der Heijden stated.

“This “wait and see” approach from the MPC is something we also see reflected in our own data with a surge in buyers choosing fixed deals for five years or more as they try to “Brexit-proof” their mortgage and lock in the same rate until 2024 and beyond.

“We have also seen positive figures recently on the take up of buy-to-let and first-time buyer mortgages, something which has led to lenders offering more competitive products to support people moving. However, the fact is, significant barriers still exist for those looking to get onto the housing ladder or move, including the stress and anxiety of the process and complex jargon.

“Keep calm and carry on and the holding of interest rates gives some certainty, but if we want to unlock the door for all homeowners, we need to embrace technology, innovation and focus on the issues facing consumers. There has never been a more important time to seek free, whole of market mortgage advice."

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