Reduce the maximum Mortgage lenders can charge over and above the Bank of england base rate to 1%

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Petition Action

Reduce the maximum Mortgage lenders can charge over and above the Bank of england base rate to 1%

Additional Information

At present the Bank of England base rate is very low at 0.5%. This rate is what high street banks are charged to borrow overnight from the Bank of England.
The high street mortage rate is on average 4%. I suggest a cap of 1% premium on top of the Bank of England rate.
This would reduce mortages interest to 1.5% at present. This would have the effect of releasing monies to households and increase consumer demand.
Further their would be a reduction in mortage defaults. When a family loses their home it may fall upon the council and the general taxable population to house a family which has lost its home.
A reduction in bank mortage rates to 1% would redress the imbalance of interest rates which have occured over the past 3 years.

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