UK interest rates freeze continues at 0.5 per cent

By Christine Farrell

As was widely expected the Monetary Policy Committee (MPC) of the Bank of England has voted to maintain the interest rate freeze at 0.5 per cent for another month.

The result of the MPC vote has rarely been in doubt over the past years but there is now a growing sense that the clock is ticking on the rate freeze, with Bank of England governor Mark Carney saying the economic recovery is getting close to the point were an interest rate increase will be necessary. Mr Carney has however tried to allay concerns by saying recently that there is no rush to raise rates and that the first increases will be modest.

The Mortgage Market Review, often referred to as the lifestyle quiz, has been implemented by lenders to ensure that new mortgage borrowers would be able to afford their new loan payments even if interest rates rise, as well as considering other potential changes to a persons ability to afford their mortgage.

If you are buying, selling or remortgaging a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.