Video transcriptThe Bank of England`s base rate has remained at 0.5 per cent; a level it`s maintained since March 2009.
The base rate decision means that people with variable rate mortgages won`t have to worry about paying extra interest on their home loan for now, while people looking for new deals won`t see their options suddenly become more expensive across the board just yet.
Generally, the housing market has been growing in recent months, despite the best efforts of the recently implemented mortgage market review (MMR).
In theory, MMR is likely to make criteria more stringent to purchase a property, but figures from the Council of Mortgage Lenders (CML) suggest that sales haven`t dried up very much at the moment.
Time of course will ultimately tell if this is to continue.
The CML notes that loans to first-time buyers rose by nine per cent month-on-month in May and 19 per cent annually, while the monthly figure for people who are moving home was eight per cent.
The CML`s Paul Smee suggests that thus far, the impact of MMR "appears subtle, rather than dramatic".
However, if prices continue to rise, more and more people may find that they struggle to afford their dream home as MMR changes by lenders may suggest to lenders that they won`t be able to afford to pay it back and thus will not approve the mortgage.
To find out what mortgages are available to you right now through a free quotation service, speak to our mortgage adviser team .
Talk through your goals confidentially and we`ll aim to match you up with a great mortgage deal on a no-obligation basis.
If you like what you hear then and only then will we proceed.
Find out more about how we can help you buy or remortgage by visiting firstchoicefinance.co.uk or call the team on 0800 298 3000 or 0333 003 1505 from your mobile.
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