Base rate held at 5.25%

The Bank of England Monetary Committee voted on 6 March to keep interest rates at 5.25%. This decision did not come as any real surprise - it was widely expected base rate would stay the same.

The previous change was a reduction of 0.25% to 5.25% on 7 February 2008.

Borrowers will have to wait until the 10th April for the next decision and there is talk of a quarter point drop. The Bank of England will soon need to take action to get the housing market back on track. First time buyers are finding it increasingly difficult to get on the property ladder as mortgage lenders start to remove the risky deals they often need - such as 100% mortgages. Banks are struggling to get the funds needed to offer mortgages and borrowers may soon need a 15% deposit to a get competitive deal.