Experts predict interest rate freeze
Homeowners such as those with mortgages for professionals will be waiting to hear the decision by the Bank of England's monetary policy committee (MPC) on interest rates this week.
The MPC gathers on Thursday June 4th to reach a verdict, and three economic experts have predicted that the base rate will remain at 0.5 per cent for the third month in a row.
No change in the cost of borrowing has been implemented since the Bank brought the level down to a record low in March.
And that is going to be the case once more, according to representatives of Capital Economics, Defaqto and the Centre for Economic and Business Research (CEBR).
Vicky Redwood, UK economist for the former, said: "I think that [interest rates probably won't increase for] at least another year or maybe even 18 months. I think we'll need to see signs that the economy is getting back on its feet [and] that inflation is starting to pick up again."
Defaqto economist Michael Baxter said a change in rate is not necessary, and CEBR economist Arek Ohanissian thinks rates will stay at 0.5 per cent for "quite a while" yet.
To book your free initial consultation with mortgages for professionals click here.
The MPC gathers on Thursday June 4th to reach a verdict, and three economic experts have predicted that the base rate will remain at 0.5 per cent for the third month in a row.
No change in the cost of borrowing has been implemented since the Bank brought the level down to a record low in March.
And that is going to be the case once more, according to representatives of Capital Economics, Defaqto and the Centre for Economic and Business Research (CEBR).
Vicky Redwood, UK economist for the former, said: "I think that [interest rates probably won't increase for] at least another year or maybe even 18 months. I think we'll need to see signs that the economy is getting back on its feet [and] that inflation is starting to pick up again."
Defaqto economist Michael Baxter said a change in rate is not necessary, and CEBR economist Arek Ohanissian thinks rates will stay at 0.5 per cent for "quite a while" yet.
To book your free initial consultation with mortgages for professionals click here.
