Buy to let mortgage holders await base rate decision

10 December 2009

Written by David Whittaker

Buy to let mortgage holders and other home loan customers have been told not to expect any change in interest rates today (December 10th).

The Bank of England's monetary policy committee (MPC) is set to announce its latest decision on the cost of borrowing today, but editor of Investment and Business News Michael Baxter said he does not think yesterday's pre-Budget report will affect the outcome.

Mr Baxter, who is also co-author of Bubbles and Wisdom, said: "I'm sure they will discuss it ... but I don't think it is going to change the overall conclusion which is that interest rates will stay on hold and quantitative easing will probably be unaltered no matter what the chancellor says."

Those with buy to let mortgage products have seen the interest rate remain at a record low of 0.5 per cent since the MPC brought it down to that level in March this year.

A number of economists have indicated that the base rate is likely to remain at this percentage for most of 2010 too.

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