The interest rate has now been frozen at 0.5 per cent for six months in succession after the Bank of England's monetary policy committee (MPC) announced the cost of borrowing would remain at this level for September.

Announced at noon, the decision was widely expected by economic and business experts.

Some private landlords on tracker mortgages will be among the property owners who have benefited from the low interest rate in recent months.

Indeed, a number of private rented sector experts have suggested that long-term landlords have been able to ride out the downturn in the housing market over the last year.

Ray Boulger from UK mortgage broker John Charcol said that those who own property can expect to see the interest rate remain at its current level for a number of months yet.

He said: "It seems probable that bank rate will remain at 0.5 per cent until well into next year and that any policy changes announced by the MPC will focus on its [quantative easing] programme or involve some other radical new policy."

Written by Sarah Field
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