The Bank of England’s Monetary Policy Committee (MPC) has voted to maintain the Bank Rate at 0.5%.

It also chose to keep the level of quantitive easing at £375 billion.

The MPC voted 8-1 to hold the Bank Rate and unanimously over quantitative easing.

It has been widely suggested that the Bank Rate could be cut due to the economic uncertainty following the Brexit vote.

Jeremy Duncombe, director of Legal & General Mortgage Club, said: “Despite the fact that Bank of England has decided to maintain the base rate at 0.5%, where it has stayed for seven years and counting, many lenders have already taken steps to price a base rate reduction into their products, and cheaper fixed rate deals over longer terms have started to come to market over recent weeks.

“Despite the uncertainty around Britain’s decision to leave the European Union, the mortgage market appears to have reacted calmly. Whether base rate is cut in future or not, uncertainty presents a good opportunity for brokers to talk to their clients about potential mortgage and remortgage options available to them given the new market dynamics.”