Bank of England keeps interest rates at 0.5%

08-May-2009

First-time buyers looking for mortgages should be aware that the Bank of England's monetary policy committee (MPC) opted to keep interest rates at 0.5 per cent yesterday.

It is the second month in a row that the base rate has been frozen, and many industry commentators believe it will stay the same for the rest of the year.

The rate of interest is an important consideration when choosing a first mortgage.

In recent months, the MPC has decided to release a statement about the general state of the economy alongside its interest rate decision.

Despite the global banking and financial system remaining "fragile", there are apparently signs that the sector's decline is slowing.

"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," the Bank said.

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