Homeowners with tracker mortgages or standard variable rate mortgages have been reassured by a suggestion that the base rate is not expected to rise this week.
Every month, the Bank of England's monetary policy committee meets to discuss what changes need to be made to interest rates in order to balance the needs of inflation and economic growth.
And this week will see the committee reconvene to discuss what action should be taken in January, alerting some mortgage holders to the possibility that their mortgage rates could soon increase.
Now, Paul Riley, head of group treasury at Leeds Building Society, has suggested that interest rates will probably not rise for another month despite rising inflationary concerns.
"The market expects an increase in February, which is also when the MPC [monetary policy committee] will have the quarterly inflation report, although there is a small chance that we could see an increase this week," he explained.
One way for mortgage holders to avoid the impact of future interest rate rises is to negotiate a fixed-rate mortgage deal.
Unlike tracker mortgages, these products are not affected by fluctuations in the base rate.
Mortgage holders tipped about future base rate changes
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Mortgage holders tipped about future base rate changes
Wed, 10 Jan 2007
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