Borrowers and investors look like the winners with savers and pensioners the losers after new Bank of England governor Mark Carney signalled that interest rates could be on hold until 2016.

Pensions expert Dr Ros Altmann said a rate freeze would hit "anyone approaching retirement and potentially buying an annuity, anyone running a pension scheme and anyone saving for their future".

John Fox at pension provider Liberty SIPP, said it was "disastrous news for pensioners, who rely on savings for their retirement income".

He said: "There is one ray of light in that the steady growth of UK equity markets since the recovery took root is driving up the value of people's pension pots - and is making drawdown a more appealing option for those who are approaching retirement and looking for a better deal than an annuity."

Danny Cox at brokers Hargreaves Lansdown believes savers would be hardest hit. He said interest rates on cash deposits aren't going to rise anytime soon and certainly not significantly for three years it seems.

But he said an improving UK economy "plus the assurance that interest rates will remain low could be a very good environment for share prices", adding: "Those investing into pensions should benefit from more stable and, hopefully, rising stock markets."

Borrowers can look forward to stability. Ray Boulger at mortgage brokers John Charcol said: "Unless the BoE pumps even more money into the system, there is every reason to think that the current level of fixed rates is pretty well the floor but also there is no reason to expect rates to increase soon.

"Therefore the message for purchasers is that as fixed rates are in most cases at similar levels or cheaper than a tracker or discount, they should take a fixed rate but think about whether it should be for five or 10 years, not two or five years."

But he added: "Some people of course will be keen to avoid being locked into early repayment charges for very long. In that situation a two or three-year fixed rate, or a term tracker with no ERCs, is likely to be a better option."

For existing homeowners looking to remortgage there was "no point in waiting in the hope of lower rates, but also no need to rush". Perhaps the best strategy for the times is to use savings to pay down borrowings at ultra-low rates.

Borrowers already on a competitive mortgage rate should consider overpaying a regular monthly amount or occasional lump sums. John Willcock at Post Office Mortgages said: "You don't necessarily need to have a flexible mortgage to be able to make regular overpayments."

He added: "Putting lump sums against your mortgage whenever you have some extra spare cash - such as an unexpected windfall or inheritance - can really help."

Most lenders accept annual overpayments of up to 10% without penalty, but it is wise to check.

For those with savings, switching to an offset loan can considerably decrease the time it takes to be mortgage-free.

Yorkshire Building Society, the biggest high street offset provider, offers this option on all its loans, with deals including a two-year fix at 2.49% and a base rate tracker currently at 2.44%.

First Direct, another leading offset provider, has a two-year fix at 2.79% and a base rate tracker currently at 2.99%.

Offsets work by balancing borrowers' savings, and in some cases the cash in their current account, against their loan.

They don't earn any interest on their nest egg, but they don't pay any on the equivalent amount of debt.

This can dramatically reduce the monthly interest bill, far outweighing what they could earn in a top-paying savings account. Meanwhile, they can access their money any time - the debt they pay interest on simply rises by the amount withdrawn.

Yorkshire's product manager, Brendan Gilligan, said: "Depositing as little as £50 per month in your offset savings account can add up to a significant cost saving on the mortgage and there is no limit on how much can be saved."

Someone borrowing £100,000 on a 2.49% two-year fixed-rate deal (reverting to 4.99%) and offsetting £10,000 of savings could cut their term from 25 years to just over 22 years, saving £19,500 in interest.

Adding a further £1000 to their savings each year would not only increase their nest egg significantly, it would leave them mortgage free in just over 20 years and cut the interest bill by a total of £31,800.

Yorkshire borrowers can also make penalty-free overpayments to their loan account.

Borrowers who are among the 1.3 million with interest-only loans and no savings plan to repay the debt at the end of the term should consider switching to a repayment deal, where both capital and interest are repaid each month.

This may be more expensive in the short-term - although moving to a better rate will minimise the difference - it will dramatically reduce the interest bill over the long term, as the debt is cleared gradually rather than remaining untouched, clocking up interest, until the end of the term.

For those who already have a repayment loan, seeking out those rock-bottom rates could make a big difference.

Someone with a £100,000 debt and a 25-year term moving from a 4.5% rate to HSBC's fee-free term deal at 2.79% could slash their monthly repayment from £556 to £463 - or pay off their mortgage six years early.