0.5 per cent interest rate freeze reaches 6th anniversary

By Natasha Adamson

The Monetary Policy Committee of the Bank of England has again voted to maintain the interest rate frozen at 0.5 per cent, meaning the record low rate has now been in place for 6 years.

There was widespread speculation last year that interest rates would be increased before the 6th anniversary came round, but those forecasts dissipated towards the end of 2014, and the latest thinking is that they could remain unchanged into 2016. Inflation is remaining low and could turn negative for a short period of time, which has prompted the Bank of England governor Mark Carney to suggest that interest rates could fall even further.

Mortgage borrowers and first time buyers have benefited from the record low rate with reduced monthly mortgage payments. Many property owners in Northern Ireland have taken the opportunity to overpay on their mortgage payments in order to reduce the amount of negative equity in their home.

If you are buying, selling or remortgaging a house in Northern Ireland, and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.