Bank keeps base rate at 0.5% - buy to let mortgages

05 June 2009

The cost of borrowing will remain at 0.5 per cent for another month following the decision by the Bank of England's monetary policy committee (MPC) to freeze the base rate.

People with buy to let mortgages will have seen that the interest rate has been at this current record low level ever since March this year.

More of the same is expected over the remainder of the year and - in some experts' eyes - longer than that.

Ahead of yesterday's MPC announcement, UK economist at Capital Economics Vicky Redwood predicted that the base rate may not change in the next 18 months.

The MPC's monthly statement also indicated that the asset purchasing programme, which is worth £125 billion and is financed by central bank reserves, will continue.

"The committee expects that the announced programme will take another two months to complete," it stated.

Why not take a look at our best Buy to Let mortgages and make an enquiry online now.