Mortgage holders might be disappointed by the monetary policy committee's (MPC's) decision not to cut interest rates, but they will not have to wait too long before rates do fall, one expert believes.
Ray Boulger, spokesperson for mortgage adviser John Charcol, explained that by not cutting interest rates this month the MPC will have a chance to assess the impact of the special liquidity scheme introduced in April.
He said: "The MPC's decision to leave Bank Rate unchanged this month was widely expected, despite conditions continuing to deteriorate in the mortgage and property markets ."
Mr Boulger also advised that anyone looking to take out a new mortgage or a remortgage should look at getting a tracker-rate deal.
However, those who want the security of a guaranteed payment each month should opt for a fixed-rate mortgage, he added.
Earlier this week, Howard Archer, chief European and UK economist at Global Insight, predicted that the MPC is likely to cut interest rates to 4.75 per cent in June.
Interest rate cuts coming soon
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