The Bank of England voted 8-1 to cut interest rates by 0.25% at the beginning of the month it has been revealed.
GDP growth could fall to 1.5% by the end of 2008 according to the Bank of England's latest inflation report.
Mortgage approvals rose in January for the first time since May 2007, but the market remains weak, according to research by Connells Survey & Valuation.
Borrowers who can afford higher monthly mortgage repayments, brought on by last year's interest rate rises, should consider continuing to pay off the same amount to shrink their mortgage, says mortgage broker John Charcol.
The Bank of England's Monetary Policy Committee (MPC) has cut interest rates by a quarter of a percentage point to 5.25%.
Mortgage Express has re-priced its Lifetime Mortgage and Lifetime Mortgage Extra products.
Mortgage borrowers are turning to trackers with no early redemption penalties in anticipation of a base rate drop in February, according to John Charcol.
The Bank of England's Monetary Policy Committee (MPC) voted 8-1 to keep interest rates on hold it was revealed today.
The Bank of England's decision to hold interest rates at the beginning of the year could risk the UK economy, according to Assetz chief executive Stuart Law.
Last year was the strongest ever for gross mortgage lending despite problems in the market, according to the Council of Mortgage Lenders (CML).