Bank Base Rate has been held at 0.5% since June 2009, helping to keep mortgages affordable for many UK homeowners.

Stephen Smith, head of housing and external affairs at the Legal & General Network, said:

“Recently we have seen signs of a tentative recovery as the UK economic picture starts to improve and other market indicators move into positive territory. However, the market is still in need of stimulus and it is too early to start thinking about unwinding these measures at this stage.

“It is therefore unsurprising and welcome news that the MPC has elected to make no change this month. These historically low rates are currently offering opportunities to borrowers in a position to secure better deals but they will move sooner or later so borrowers should seek to take advantage while they can.”

The general consensus is that the Bank Base Rate will be held at 0.5% for the foreseeable future.

Mervyn King, the current governor of the Bank of England, leaves his role at the end of this month and will be replaced by Canadian Mark Carney, who is believed to be in favour of giving advance notice of any plans to change interest rates.