Submitted on Thursday 8th November 2012
Rejected on Wednesday 21st June 2017
Current status: Rejected
Rejection code: irrelevant (see below for details)
Increase regulations over lenders advertising mortgage rates and then increasing them without providing a valid reason
We need increased regulation over banks/building societies and other lenders that advertise competitive mortgage or other loan rates with incentives to get you in, and then once your in the process (buying a house etc) they increase the rates, when to refuse and start again would cause timely delays and additional credit searches which would in turn affect credit ratings. When rates other than those advertised are offered they should HAVE to provide a written valid reason for the increase (i.e low credit score of applicant) so that applicants are fully aware of why they are not able to access advertised rates and do not feel conned by an industry that is already rated poorly in the general public perception.
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The Government e-Petitions Team gave the following reason:
3.136.22.179 Thu, 03 Oct 2024 20:30:29 +0100
