Interest rates remain frozen at 0.5 per cent

By Lauren Burns

As expected, the Monetary Policy Committee (MPC) of the Bank of England has again voted to maintain the interest rate freeze at 0.5 per cent.

The interest rate freeze is now just one more month away from it's sixth anniversary, and many economists are now predicting it could continue into 2016. It is not however the longest rate freeze in history - even when it reaches the 6 year mark in March, it will only be the fourth longest period that interest rates have remain unchanged since the Bank of England was created in 1694.

While the result of the MPC vote was never in doubt, analysts will be awaiting the minutes of the meeting with keen interest to see if it was a repeat of the previous unanimous vote. Ian McCafferty and Martin Wheale had joined the majority in the January meeting, following 4 months of voting in favour of a 0.25 per cent increase.

The news, as always, will be welcomed by mortgage borrowers and first time purchasers around Northern Ireland and the rest of the UK. The continued freeze affords many home owners the opportunity to overpay on their monthly mortgage payments in order to increase their equity share in their property - particularly so in Northern Ireland where a large number of home owners are in negative equity.

If you are buying a property in Northern Ireland, or selling or remortgaging an existing house, contact one of the conveyancing solicitors at Wilson Nesbitt in Belfast or Bangor for advice and information by calling 0800 840 9290.

Or submit your details for a callback at your convenience by clicking here.