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Rate cut anticipated soon - buy to let mortgages

Published: 9.5.2008

While the Bank of England''s monetary policy committee (MPC) held back from lowering the base rate this month they will soon be trimming it again, it has been predicted.

The MPC stated at noon yesterday that it had voted to hold the rate at five per cent, this decision coming after last month''s 0.25 per cent reduction.

Insurance firm Legal & General responded by predicting that the position taken by the MPC this month will not be sustained, saying: "It''s just a matter of time before the next quarter point cut."

Such a move could lead to cheaper Buy to Let Mortgages.

A more detailed view was offered Barclays, which said: "We expect the Bank of England to reduce interest rates gradually over the coming quarters", concluding that this process would see the base rate fall to 4.25 per cent by the end of 2008.

Last week 40 of the 65 economists interviewed by Reuters predicted there will be a shaving of the base rate to 4.75 per cent in June.

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