Bank of England votes to maintain interest rates

Bank of England votes to maintain interest rates hero

Interest rates will remain at 5.25% following a vote by the Bank of England.

The Bank’s Monetary Policy Committee (MPC) voted eight to one today, (March 21st), to hold interest rates at 5.25%.

Bank of England Governor Andrew Bailey says it is "not yet" the time to cut interest rates.

Bailey says he has seen "further encouraging signs" that inflation was coming down, but added policymakers had to be sure that it would fall back to its 2% target and "stay there".

"We're not yet at the point where we can cut interest rates, but things are moving in the right direction," Bailey adds.

What does it mean for my mortgage?

There was positive news earlier in week when it was announced inflation has reduced.

This has already had an impact on the mortgage market with some high street lenders such as the NatWest marginally reducing interest rates.

Broadland Consultants can help you keep an eye on mortgage deals available.

A live search provides the basic daily ‘Best Buy’ mortgage deals via their website.

Find out more about Broadland Consultants here