Interest rates stay at 0.5% - buy to let mortgages

08 May 2009

Those with home loans, including landlords with buy to let mortgages, will have been awaiting news of the cost of borrowing yesterday.

And they now know that the interest rate has been frozen at 0.5 per cent for the second month in a row.

The decision by the Bank of England's monetary policy committee (MPC) comes after it reduced the base rate from 5.75 per cent to its current level between summer 2007 and March this year.

It has been widely predicted that the interest rate will stay at its current status for the rest of 2009.

A statement from the MPC yesterday said that the global banking and financial system remains "fragile".

"In the United Kingdom, GDP fell sharply in the first quarter of 2009. But surveys at home and abroad show promising signs that the pace of decline has begun to moderate," it added.

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