Interest rates unchanged in August

The Bank of England has once again chosen to maintain interest rates at 0.5%, and has not increased its quantitative easing (QE) programme.

The decisions were widely expected as an increase to interest rates is unlikely against a backdrop of a declining economy, and a further QE cash injection isn't expected until the impact of last month's increase can be assessed.

The continued rate freeze means mortgage borrowers in Northern Ireland and the rest of the UK continue to benefit from lower monthly mortgage payments, giving many the opportunity to overpay each month in order to increase their equity share in their home.

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