Making ends meet remains a struggle for some households as rates are left on pause, according to commentators.

The Bank of England kept the base rate unchanged at 5% on Thursday, following a 0.25 percentage point cut last month.

Mortgage rates have been edging down in recent weeks, but those remortgaging on to a new deal could still face big repayment jumps, at a time when other bills have already surged.

Meanwhile, savers are being urged to “get your skates on” and grab the top rates while they are around.

Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, the online investment platform, said: “Keeping interest rates on pause at 5% may be unsettling for households,” particularly with a looming autumn Budget that is expected to be “painful”.

Borrowers whose cheap fixed-rate deals, taken out before the Bank of England's tightening cycle began, are about to expire will face a heavy repayment jump when they refinance

She said: “The worst of the cost-of-living crisis may now be behind us, but the rapid price rises of the past few years are now baked in, so making ends meet remains a struggle for some.

“While no change in the headline interest rate is still infinitely preferable to another hike, those looking to spend on big-ticket items such as holidays, car upgrades or house renovations would be wise to tread carefully.”

Ms Haine said homeowners on tracker mortgages must now wait until the next meeting to see if their repayments ease.

She continued: “Meanwhile, borrowers whose cheap fixed-rate deals, taken out before the Bank of England’s tightening cycle began, are about to expire will face a heavy repayment jump when they refinance.”

Simon Gammon, a managing partner at Knight Frank Finance, said: “Caution from the Bank will have little impact on the slow, downward trajectory of mortgage rates.”

He said a “brightening global picture” has been pushing down swap rates, which lenders use to price their loans, “giving the lenders leeway to keep cutting”.

Mr Gammon added: “Wednesday’s UK inflation data did little to change the narrative that the Bank of England has the wiggle room to cut the base rate once or twice before the end of the year.”

Nick Leeming, chairman of estate agent Jackson-Stops, said: “The Bank of England’s decision to hold rates steady was widely expected but does suggest that bringing interest rates down will be a test of stamina not speed.

“Stubborn inflation over the summer months and Labour’s first fiscal statement fast approaching will no doubt be weighing on the market’s mind; the Bank has opted today to offer stability by exercising quiet caution.

We are already seeing greater levels of activity within the market

“While further cuts to the base rate would help to remove a number of obstacles for buyers and sellers, what the property market needs above all is certainty. A sensitive, gradual, adjustment to the base rate can offer that.

“We are already seeing greater levels of activity within the market.”

Iain McKenzie, chief executive of the Guild of Property Professionals, said: “Even though the decision was made to keep the rate steady for now, the impact of the previous cut is already being felt as confidence grows in the market.”

Nicky Stevenson, managing director at estate agent group Fine & Country, said: “Despite the decision to keep rates where they are for now, the UK property market is poised to see an upswing in activity this autumn.

“There has been an increase in supply, as well as heightened buyer and seller activity, and a renewed confidence following the previous cut in rate.

“Traditionally there has been an increase in activity in the property market following the seasonal dip over the summer holiday season. Many have already been spurred on by the previous rate cut and sentiment is improving.”

Meanwhile, with rates on pause, savers are being encouraged to seek out the top deals.

Myron Jobson, senior personal finance analyst at interactive investor, said: “With interest rates on a downward trajectory, the message to savers is simple, get your skates on and secure the best savings deals while you still can.”

Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “The savings market has seen several brands cut variable rates since the Bank of England base rate cut last month, but not every provider has slashed rates by the full 0.25 percentage points.

“Savers would be wise to review their pots considering the base rate cut to ensure it’s still paying a competitive return.”

Ms Springall added: “Those who are happy to lock their cash away for a guaranteed return could look towards a fixed rate bond or fixed cash Isa, and with rates expected to decrease further, savers may wish to choose a longer-term deal.

“Challenger banks and building societies continue to offer some of the top returns.”