Mortgage rates look set to remain unchanged this year as the Bank of England held base rates once again yesterday.
Analysts have pushed back predictions of the first base rate hike to the final quarter of the year, with many suggesting it will be 2017.
Calum Bennie, savings expert at Scottish Friendly said the prospect of a UK interest rate rise remains "illusory".
“While this will come as little surprise given the traumatic economic start to the year for the UK and global markets, it still makes sense for mortgage payers to plan for an eventual increase as this will inevitably lead to higher monthly repayments.”
Bennie said that falling oil prices seem set to continue and will drive inflation lower, postponing any plans to push rates up.
Nick Dixon, investment director at Aegon UK, said: “A slowing economy and nervous stock market will have kicked the prospect of any major rate rise into late 2016 at the earliest.
“Falling oil prices and no inflation are giving the monetary policy committee (MPC) good reason to keep rates low in order to steady the ship.
“With the inflation target looking ever distant, we expect the MPC to remain dovish throughout 2016, with households continuing to benefit from favourable credit conditions.”
Peter Cameron, associate fund manager, EdenTree Investment Management, said the record low base rate of 0.50% will celebrate its seventh birthday in March.
“It is not beyond the realms of possibility that it reaches an eighth in a year’s time.
“2016 could well be characterised by further fragmentation of monetary policy paths globally if the US pushes ahead with rate hikes, the UK stands still and much of the rest of the world boosts stimulus.”