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No rise in interest rates

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The Bank of England has decided to maintain the Bank Rate at its current level of 5.25% this month.

The move follows three quarter-point hikes in the past seven months, which created a rush on fixed rate mortgages last month.

Mortgage lenders were sceptical about the decision, however, claiming a further rate rise at some point was inevitable.

Mehrdad Yousefi, Head of Intermediary Mortgages at Alliance & Leicester said: “Inflationary pressures on the economy remain strong, including some above inflation pay deals.

“It is very likely that we will see another rate rise in the first half of 2007.”

He advised borrowers looking for certainty with their mortgage to lock in to a competitive fixed rate deal now, to avoid the impact of any further rate rises.

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