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Add an interest cap to all new mortgage products

Submitted on Friday 30th September 2022

Rejected on Wednesday 5th October 2022

Current status: Rejected

Rejection code: irrelevant (see below for details)

Petition Action

Add an interest cap to all new mortgage products

Petition Details

Pass a law to protect both homeowners and buyers from this financial turmoil by putting a interest cap on the mortgage rates (example : mortgage interest rates cap of 5%).

Additional Information

With the current market turmoil and interest hikes, it has now become apparent that remortgaging and buying homes with a mortgage will be quite difficult in the coming months. It is projected that the base interest will be above 6% next year. This would mean mortgages of above 10% which would be unaffordable for normal public.


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This petition was rejected

The Government e-Petitions Team gave the following reason:

We can only accept petitions about things the Government or Parliament are directly responsible for.

Decisions about mortgage rates are a matter for lenders, not the UK Government or Parliament.

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