Mortgage industry experts predict the Bank of England's base rate to remain at 0.5% until at least the start of 2014.
Speaking at the Mortgage Business Expo in Manchester, Sarah Green, head of national accounts at Barclays, said the bank is predicting rates would remain flat.
“We expect no change until 2014. That said, people will still move and one of the opportunities for the intermediary market is to build customer base and keep on top of existing customers.”
Richard Tugwell, director of intermediary sales at Virgin Money, (pictured) agreed: “For any base rate change, we are looking toward the back end of next year or 2014 before we see any change.
“That should hopefully create some movement in the market as existing borrowers get the motivation to move.”
