Interest rates are to be left on hold at 4.75 per cent, but experts predict the Bank’s Monetary Policy Committee hike rates again in November.
Mehrdad Yousefi, Head of Intermediary Mortgages at Alliance & Leicester, said: It comes as no surprise that rates remain on hold this month. However, given a buoyant economy and above target inflation, a rise in the base rate before the end of the year is anticipated and rates are likely to hit 5 per cent before the year is out.
First time buyers on a tight budget should considering opting for a fixed-rate deal to secure themselves against potential rate rises. For those homeowners who are able to be more flexible with their finances, there are still many competitive tracker deals on the market.
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