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Mandate banks to pass the latest BoE interest rate cut to ALL mortgage payers

Submitted on Tuesday 17th March 2020

Rejected on Wednesday 8th April 2020

Current status: Rejected

Rejection code: irrelevant (see below for details)

Petition Action

Mandate banks to pass the latest BoE interest rate cut to ALL mortgage payers

Petition Details

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.

Additional Information

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.


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This petition was rejected

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

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NHS website: www.nhs.uk/conditions/coronavirus-covid-19/
UK Government website: www.gov.uk/coronavirus

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