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The Bank of England has today (October 8th) decided to maintain the interest rate at 0.5 per cent, which means those looking for a mortgage could be in for a good deal.

This has not come as much of a surprise to economists, who predicted well in advance that the rate would remain unchanged.

Ray Boulger of UK mortgage broker John Charcol said the decision was somewhat of a "non-event", but could mean that some action is restored to the mortgage market.

"September saw the usual seasonal upturn and, over the last few days, we have at last started to see some real competition from lenders, albeit primarily for lower loan-to-value business," he commented.

Fixed-rate mortgages have fallen in value over the last month or so, Mr Boulger revealed, although they are still likely to seem pricey in comparison to tracker or discount rate products.

For many people in search of a mortgage, he suggested that a lifetime tracker deal will work out more affordable than a short-term product, which may be worth considering by those want to get on the property ladder.

If statistics are anything to go by, it seems that buyers had better move sooner rather than later if they are hoping to make the most of the housing slump.

The latest house price index from Nationwide showed that costs increased by 0.9 per cent in September, marking the fifth month in a row that a rise had been seen. The average house cost £161,816 last month, up from £160,224.

Martin Gahbauer, Nationwide's chief economist, noted how activity was still struggling in a historical context as market turnover remains below normal levels.

Providing they find the right deal, borrowers could be in the perfect position to get themselves on the property ladder at the moment.

As interest rates remain at 0.5 per cent for the seventh consecutive month, market conditions could allow for more people taking advantage of tracker rate products in particular.