BoE votes to keep base at 0.5%

The committee also voted to keep its programme of quantitative easing at £375bn.

Although expected, the news hasn't stopped the market from speculating on when rates will rise.

Governer Mark Carney has said recently that the Bank of England is getting nearer to raising interest rates, but the exact date will depend on economic data.

He said:

"The point at which interest rates ... begin to normalise is getting closer. In recent months the judgement about precisely when to raise Bank Rate has become more balanced. While there is always uncertainty about the future, you can expect interest rates to begin to increase."

Jeremy Duncombe, Director  at Legal & General Mortgage Club, comments on the MPC base rate decision:

“Interest rates have been at historic lows for over five and a half years now.  This situation will not last forever and speculation over when rates will rise is mounting. There is a significant group of borrowers who have purchased their home since 2009, who have never lived through a rate rise. It is important that this group and others who may be coming to the end of their mortgage deals act now to manage the potential impact of a rate rise.  The low rates on offer at the moment won’t last much longer and if consumers wait until interest rates have risen, they risk missing out on the best deals. Speaking to an adviser means that borrowers will be able to access the best products for their circumstances, helping them to prepare for an interest rate rise when it happens.”