Our view on today's interest rate decision

"There was optimism at the start of the year that interest rates might begin to fall, but this became increasingly unlikely with December’s surprise rise in CPI inflation.

“With borrowing costs at a 16 year high, the pause won’t be warmly welcomed by the 1.5 million homeowners whose fixed rate mortgages are due to expire. However, there is light on the horizon with many economists predicting rates to start dropping from summertime onwards.

“Unfortunately, that might come too late for some. Currently we’re supporting record numbers of homeowners struggling with cost-of-living pressures. And I’d say to anyone struggling with unaffordable mortgage costs to get support as early as possible. There is help available and lots can be done to protect your home.”