The Council of Mortgage Lenders (CML) has commented on the Bank of England's announcement today that the bank rate will remain at 5.75 per cent.

In response to the monetary policy committee's decision to maintain the interest rate, CML director general Michael Coogan stated that the council did not expect a rate cut to occur today.

He said that the council hopes for and anticipates a cut in November, but stated that this is not a certainty and as such borrowers should carry on planning for rates at or around current levels.

"Pricing in the mainstream market is stable and fixed rates have started falling recently, but there is still uncertainty about how long it will take for stable funding to return to the sub-prime market," he observed.

"In the meantime, borrowers in this sector are facing tighter criteria and higher rates, although the availability of funding does seem to be improving," he concluded.

According to the CML, there are some 11.7 million mortgages in the UK, with loans worth more than £1.1 trillion.