MPC vote to keep interest rates at 0.5 per cent

By Christine Farrell

Interest rates will remain at 0.5 per cent after the latest monthly vote of the Bank of England Monetary Policy Committee.

The 0.5 per cent interest rate has now been in place for 4 years and 5 months and it is not expected to increase in the near future. The rate freeze will continue to benefit home owners who have been paying lower monthly mortgage payments as a result, and first time buyers who are able to access low rate mortgage deals.

Many home owners in Northern Ireland and the rest of the UK have been in a position to overpay on their mortgage in order to increase their equity share. A larger equity share in a property improves the range of mortgage products a home owner can switch to, and research carried out for the Telegraph has suggested that now is the best time to remortgage in 6 years.

If you are planning to buy, sell or remortgage a property in Northern Ireland and need a conveyancing solicitor to handle the process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

Alternatively you can submit your details for a callback by clicking here.