The Bank of England Monetary Policy Committee (MPC) has kept interest rates on hold at 5.75% for the third month in a row.
This is seen by Tom Nelson, head of secured lending at Zen Finance, as holding measure he says "The MPC have kept rates on hold to buy themselves more time to assess the fall out from the global credit crunch. This was widely expected, however many industry experts are predicting a decrease in interest rates before the end of the year."
Tom continues "this will continue to cause problems for homeowners across the country who are coming to the end of the fixed rate period on their mortgage and those looking for further finance through a secured loan as lenders, are tightening their lending criteria.