The Bank of England's monetary policy committee has voted unanimously to keep the base rate at 0.75%. The rate has stayed at this level since it was raised from 0.5% in early August last year.
The decision to hold the rates will be no surprise given the continued uncertainty over the timing and nature of Brexit. The Bank says its outlook remains Brexit dependent but admits economic growth in the UK has been stronger than expected.
The base rate remaining at 0.75% is welcome news to the 3.5 million people with variable or tracker mortgages. It is also good news for first time buyers. Mortgage market experts say that for those who can afford to buy a home, now is a good time to borrow. Rates are exceptionally low and lenders want the business. Even borrowers with a small deposit can find competitive rates of interest.
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