Bank of England to maintain interest rates at 5 per cent

Commenting on the Bank of England's decision to maintain interest rates at 5 per cent, Louise Cuming, head of mortgages at moneysupermarket.com, said: "Undoubtedly many thousands of homeowners would have been hoping for a cut in base rates today to ease pressure on their mortgage payments. However, we would urge them not to be disheartened and remember that the mortgage market is increasingly divorcing itself from whatever the MPC decides. For example, Halifax, Bank of Scotland and Abbey all cut rates on some of their most popular deals this week. These are all big players in the mortgage industry so it's great to see some green shoots emerging in what has otherwise been a desert in the market."