Moving home? It's likely that interest rates will hold

Those thinking of moving home may be pleased to hear that interest rates are "increasingly likely" to remain the same, according to one commentator, meaning that people will not pay more interest on their mortgages.

Ben Wilkie, editor at What Mortgage, said that it is probable that interest rates will stay at the current 0.5 per cent.

"Obviously no-one knows for certain and different economic factors could come into play, but it is looking increasingly likely that interest rates are going to stay very low for a long time," he said.

Mr Wilkie also told those thinking of moving home that it has been revealed that interest rates in the US will stay at almost zero for some time and that the same is true of Europe, while Britain looks like it will follow the same path.

Recently, it was revealed that 51 per cent of financial services practitioners believe that the UK interest rate will not increase for at least a year, the Chartered Institute for Securities and Investment said.

Published by Hannah Carr