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Make mortgage companies pass on the BoE base rate for fixed rate customers

Submitted on Tuesday 24th March 2020

Rejected on Tuesday 31st March 2020

Current status: Rejected

Rejection code: irrelevant (see below for details)

Petition Action

Make mortgage companies pass on the BoE base rate for fixed rate customers

Petition Details

To make mortgage companies pass on the drop in the Bank of England base rate for customers who are on a fixed rate.

Additional Information

We are in unprecedented times. The Bank of England have responded to this worldwide crisis with a record low of 0.1%, however, not many homeowners will actually benefit. These mortgage companies should not be making extra profit when lots of people have lost their jobs and and/or are struggling to pay their fixed rate mortgage.


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This petition was rejected

The Government e-Petitions Team gave the following reason:

Suspending payments for rent, council tax, mortgages and utilities is a matter for individual landlords, councils, mortgage providers and utility providers, and not the UK 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

If you want the Government to require councils to suspend council tax payments during the coronavirus outbreak, you may wish to sign this petition: petition.parliament.uk/petitions/303274

If you want the Government to implement Universal Basic Income to give home and food security during the coronavirus outbreak, you may also wish to sign this petition: petition.parliament.uk/petitions/302284

You can find out about asking for a mortgage holiday from lenders here: www.fca.org.uk/consumers/mortgages-coronavirus-consumers

You can find out about what Government support is available for people as a result of coronavirus (under the section on employment and financial support) here: www.gov.uk/coronavirus

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

You can read NHS tips to help if you are worried about coronavirus here: www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips

You may also be interested to know that because of the large number of petitions that have been started in relation to coronavirus, the Petitions Committee has been questioning the Government about its response to the coronavirus outbreak.
You may also be interested to know that because of the large number of petitions that have been started in relation to coronavirus, the Petitions Committee has been questioning the Government about its response to the coronavirus outbreak.

Find out more and watch the Committee put questions suggested by petitioners to Government Ministers and the Deputy Chief Medical Officer: committees.parliament.uk/committee/326/petitions-committee/news/145767/committee-question-deputy-chief-medical-officer-and-ministers-on-coronavirus-response/

Read letters asking further questions of Government Ministers: committees.parliament.uk/committee/326/petitions-committee/publications/3/correspondence/

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