Which? responds to the Bank of England holding interest rates at 5.25%

Sam Richardson, Deputy Editor of Which? Money, said:

"The base rate remaining unchanged will provide reassurance to those looking to move or remortgage, but won't help households already struggling with mortgage repayments.

"Mortgage holders on a tracker or standard variable rate should see no change to their monthly repayments. Prospective homebuyers and movers will be hoping that banks reduce fixed rates in anticipation of future base rate falls.

"However, with nearly half a million homeowners coming off fixed term deals over the Christmas period, and still likely to see their monthly payments rocket, banks must be ready to respond with tailored support. The regulator must monitor the situation closely to ensure firms are doing all they can, and take action against those that fall short."

-ENDS-