"Mortgage holders may need to hold out a bit longer"

Brian Murphy, head of lending at the Mortgage Advice Bureau:

“After a positive inflation reading last month, many would have hoped for a pause in interest rates rising.

“However, it was not to be the case — the BoE has decided that more needs to be done to stamp out the stickiness of inflation in the economy, and in doing so, mortgage holders may need to hold out a bit longer.

“Many will be hoping that we are nearing the peak of interest rate hikes — rates on fixed-term products have been dropping marginally in the past few weeks, and there remains hope that they will continue to do so, despite the decision to increase overall rates for a 14th time in a row."