Submitted on Tuesday 17th March 2020
Rejected on Wednesday 8th April 2020
Current status: Rejected
Rejection code: irrelevant (see below for details)
Mandate banks to pass the latest BoE interest rate cut to ALL mortgage payers
The government should mandate that Banks and Building societies, (who just received an interest cut from the Bank of England) pass such a cut to all of their mortgage holders, regardless of the type of mortgage they hold. Unless this is done, only the banks will benefit from the BoE actions.
People are facing unprecedented and unforeseeable circumstances.
After the Treasury (funded by the tax payer) bailed out the banks in 2008, now it's the time for the banks to pay it back.
Such action will immediately translate into a lower cost for mortgage holders and ensure that the BoE action DOES trickle down to the people.
This will hardly effect the banks bottom line, because their borrowing cost has also been cut by the same percentage.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
Interest rates for mortgages are a matter for individual mortgage providers, not the Government or Parliament.
If you want the Government to encourage lenders, landlords and utilities to freeze payments during lockdown, you may wish to sign this petition: petition.parliament.uk/petitions/302256
You can find out more about coronavirus and how you can protect yourself and others here:
NHS website: www.nhs.uk/conditions/coronavirus-covid-19/
UK Government website: www.gov.uk/coronavirus
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