Mehrdad Yousefi, Head of Intermediary Mortgages at Alliance & Leicester: "Keeping the rate unchanged today is no surprise and market activity shows that borrowers are already enthused by the rate cut last month. We've seen increased interest in our base rate tracker products which is likely to be as a direct result of last month's cut as it seems to have made variable products a more attractive proposition to those who prefer them to fixed rates.
"Maintaining the current rate should encourage more activity in the market as the stable environment provides the opportunity for brokers to offer better refinancing packages. Lenders have already repriced their rates following the rate reduction last month and mortgage holders will reap the rewards of this."
