Homeowners hoping for some relief for their mortgage payments have been dealt a blow by the base rate being left on hold, experts have said. The Bank of England decided to keep the rate unchanged at 5.25% on Thursday, although governor Andrew Bailey said he is “optimistic that things are moving in the right direction”. Around 1.6 million fixed-rate mortgages are due to end or have already ended at some point in 2024, according to trade association UK Finance. Some homeowners will be remortgaging onto significantly higher rates, before seeing the base rate start to be cut. Kate Steere, housing expert at personal finance comparison site finder.com said of the decision to hold the base rate: “This will no doubt be a huge blow to borrowers who were hoping for some relief for their mortgage payments, with many big lenders increasing their rates in recent weeks.” Some commentators also suggested the hold on the base rate may affect sentiment in the housing market. Mortgage rates have also been edging up in recent weeks. Figures released by financial information website Moneyfacts on Thursday morning showed the average two-year fixed-rate homeowner mortgage on the market is 5.93%. The average five-year fix is...