Today saw a decision by the Bank of England’s Monetary Policy Committee to keep the base rate at 5.75%, where it has been since the last increase in July from 5.5%, remaining static throughout August, September and October.
James Caldwell, Director at Fair Investment Company warns that this will not do anything to improve the situation for many homeowners and other borrowers who are struggling with their finances.
“The Bank of England’s decision will be a blow for homeowners who are facing higher mortgage repayments as they come off fixed rate deals which they secured when the market was more stable.”, Mr Caldwell said.
“While one can see the logic in maintaining the status quo in such uncertain times, a rate cut would have been of great benefit to borrowers struggling to meet repayments and find affordable credit in the current climate of financial turmoil.”
The minutes of the meeting of the Monetary Policy Committee will be published on Wednesday, November 14.
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