Familiar interest rate outcome predicted - buy to let mortgages

02 June 2009

The cost of borrowing will remain at 0.5 per cent this week, according to the latest predictions.

Economists from the Centre for Economic and Business Research (CEBR), Capital Economics and Defaqto all believe the Bank of England's monetary policy committee (MPC) will freeze rates on Thursday.

Borrowers such as those who have buy to let mortgages are always keen to hear the monthly base rate updates, and will know that the MPC has kept interest rates at the same level since bringing them down to a record low in March this year.

Defaqto's Michael Baxter said it was not necessary for there to be any change this month, while CEBR economist Arek Ohanissian predicted it will still be some time until the MPC moves interest rates up again.

Indeed, these sentiments echoed those of Capital Economics' Vicky Redwood, who said it will be "at least another year or maybe even 18 months" before there is any movement.

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