The Bank of England’s Monetary Policy Committee has voted by a majority of 7-2 to maintain the Bank Rate at 0.5%.

The committee also voted unanimously to maintain the stock of corporate bond purchases and UK government bond purchases.

David Copland, director at TMA, said: “Today’s decision to hold interest rates at their current level is welcome news to many homeowners. However, we expect rate movement soon and homeowners should be considering their options.

“Advisers should use this as an opportunity to engage with clients. For borrowers approaching the end of their fixed terms and on tracker rates, the next few weeks could be crucial for looking at remortgage deals that could offer the security of a longer-term fixed option before the expected rate rises hit.”

Jeremy Duncombe, director of intermediary at Accord Mortgages, added: “It’s important to remember that mortgage rates are not solely determined by the bank rate – they are influenced by a wide range other economic factors, including swap rates, which are one of the biggest factors in determining mortgage pricing.

“Swap rates have been significantly more volatile than the bank rate in recent years. This movement, combined with the anticipated bank rate rise, has stimulated an increase in mortgage rates across the market over the past few months, but there are still lots of good value fixed rates out there at the moment. Brokers who take the time to offer mortgage reviews now could help their clients save money in the longer term.”