Base rate held at 0.50pc

The quantitative easing programme has also been maintained at £375bn.

Jeremy Duncombe, director of Legal & General Mortgage Club, said: “Today's decision to keep the base rate at 0.5% marks nearly six years of record low interest rates.

“However, whilst the bank rate has not moved, the rates that lenders offer to borrowers on mortgages have, as banks will also look at wider economic conditions when deciding the rates they offer.

He added: “Current expectations are that a rise in the Bank of England base rate is now deferred until early next year.

“Therefore there might be a temptation for consumers to delay looking for new mortgage deals, believing they can wait until later in the year to switch.

“This may not be the case. The very low deals currently on offer will not be around forever.

“Anyone who is thinking about re-mortgaging should speak to a broker now, as they will be able to advise on the right product for your individual circumstances.”

The minutes for the meeting will be published on Wednesday 18 February.