Homeowner joy at 0.5% rate
09/04/2010The Bank of England has announced that interest rates are to stay at 0.5 per cent until the election at least.
This news will come as a relief to householders with variable mortgages as their home repayments will stay relatively low.
Howard Archer, chief UK economist at IHS Global Insight says that the move is not an unexpected one. He comments that it would be "highly unusual" to alter the rates in the run-up to a General Election, plus he believes that there is no "compelling economic case to do so."
The low interest rates could continue the trend of Britons paying off more of their mortgages. In 2009, £22.3bn of homeowner debt was paid off through people over-paying on what they owe.
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