Homeowners who have had it hard the last few years will be pleased to learn that there may be a reprieve on interest rates this month. The Governor of the Bank of England has warned that rate hikes would worsen the economic challenges faced by already fragile economies and could mean homeowners have a bit of breathing space.

However, recent research from Moneyfacts.co.uk has shown that many borrowers have become too rate sensitive which means that there has been a stand off mentality and a reluctance to switch to today's fixed-rate deals.

The Bank's Monetary Policy Committee is expected to have the same base rate and be kept at 0.5 per cent for May.