The Bank of England’s monetary policy committee has once again voted to maintain the base rate at 0.5 per cent - the 62nd consecutive month of record-low rates.

The last change to base rate was a 0.5 per cent reduction to its current level on 5 March 2009.

Bank of England governor Mark Carney has suggested interest rates may be some way off saying there is still slack in economy that needs to be absorbed before a rise is considered.

Mortgage Strategy: 14th May 2014