In response the Association of Mortgage Intermediaries (AMI) has called for further Government action to assist a wider group of lenders, including building societies and non-deposit taking institutions.
Robert Sinclair, Director at AMI, said: "AMI is unsurprised by the Banks' decision to hold the base rate at its current level. There is simply no data that would encourage the Committee to increase rates at this point.
"The Bank has said it will continue its policy of quantitative easing up to the £125 billion it has committed, having so far completed £106 billion by 2 July. The committee must therefore be encouraged that the actions taken to date are having the required effect.
"However, this is not yet being seen in freeing up capacity to lend in mortgage markets, which are still competitively constrained. Too many lenders, other than the six core firms, have no capacity to lend. This is adversely impacting on some consumers, who cannot access the loans they want and need.
"AMI continues to call on government and regulators to look wider than the activities of a few Banks and consider helping the wider group of Building Societies and specialist lenders who have previously been able to provide excellent products for customers."
