The momentum seen in the days leading up to the decision didn’t carry through once the announcement was made.

Brokers were cautioned against recommending two-year fixes in the expectation that rates will be lower in two years' time.

Three members voted to reduce Bank Rate by 0.25%, to 4%.

Intermediaries overwhelmingly disagree with the Bank of England’s Huw Pill on the pace of cuts.

Analysts are now predicting an August rate cut at the earliest.

Industry experts predict that rising inflation could curb future Bank Rate cuts this year.

Pill says the quarterly pace of 0.25% Bank Rate cuts seen since last summer is too rapid given the inflation outlook.

Mortgage lenders predict strong growth could mean a 'further base rate cut next month has all but disappeared'.

The MPC vote was split three ways, with 5 members preferring to reduce Bank Rate by 0.25%.

However, industry experts believe mortgage rates may remain stubbornly high.