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

The nine-member MPC also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves – so-called ‘quantitative easing’ – at £375 billion.

Sean Oldfield, chief executive officer, Castle Trust said: “Even after four years of a record low base rate, mortgage lending is still at the same level as it was in 2009 and well below earlier levels.

“Increased competition in the mortgage market driven by a combination of Funding for Lending and the resurgence of building societies is very welcome but the development of innovative mortgage products is absolutely crucial to sustain a competitive market. This will reinforce the improvement in lending conditions and provide a wider range of mortgage options for homebuyers.”

The minutes of the meeting will be published in a fortnight.