Bank rate held at 0.25%

The committee also voted to continue with the purchase of sterling non-financial investment-grade corporate bond, financed by the issuance of central bank reserves, totalling up to £10 billion.

A third unanimous vote agreed to maintain the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435 billion.

The central-bank committee sets monetary policy to insure the economy meets the 2% inflation target.

Jeremy Duncombe, director at Legal & General Mortgage Club, said that maintaining the base rate will provide reassurance to the mortgage market.

“Continuity is exactly what our housing market needs in 2017 as the UK gears up to leave the EU by triggering Article 50.

'Borrowers who haven't yet taken advantage of the current low rates must act now to take advantage of this opportunity to save themselves a significant sum of money by remortgaging.”

Ishaan Malhi, CEO and founder of Trussle, added: “The Bank of England appears to be adopting a ‘wait and see’ approach to interest rates, refraining from any hike until it’s certain consumers and businesses can handle one.

“This is great news for hopeful first-time buyers, who are being given more time to take advantage of extremely low mortgage rates as they climb onto the property ladder.

 “The Bank of England’s strategy should also be welcomed by existing mortgage holders looking to switch to a more suitable deal.”