One UK mortgage broker has issued mortgage holders with some advice following the latest interest rate decision by the Bank of England's monetary policy committee.

Private landlords are among those affected by the base rate, which was kept at 0.5 per cent for the second month running this afternoon.

According to Ray Boulger, from broker John Charcol, suggested any borrowers paying a variable rate on their mortgage should be ready for a rapid upturn in repayment rates in the future.

This, he said, is particularly relevant to anyone on interest-only loans.

"Switching to a fixed rate for at least five years will be the best way for most people to buy protection from increased rates,"Mr Boulger advised, before adding that the timing of a switch will be different for each individual.

All borrowers, such as private landlords, should seek mortgage advice before making a decision on what to do, he explained.

Written by John Weeks
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