Despite speculation that a rate cut was imminent, the Bank of England’s Monetary Policy Committee (MPC) has voted to hold the Bank Rate at 0.75%.

However, two MPC members out of the nine person strong committee voted for a cut in rates.

This was the last meeting to be chaired by outgoing governor Mark Carney.

Kevin Roberts, director, Legal & General Mortgage Club, said: “This mornings’ decision to hold the interest rate is unlikely to have an impact on consumers’ finances, at least in the immediate term. However, for borrowers, the continued low-interest climate and ever-growing number of products available have well and truly put consumers in the driving seat when it comes to securing a mortgage.

“Now is an excellent time to for anyone looking to secure a new mortgage, or considering a switch to a different product, to seek independent mortgage advice. An adviser can help borrowers to tackle some of the big financial decisions they need to make around a mortgage, such as taking out a variable rate or locking in for a fixed term.”