Submitted on Thursday 8th June 2023
Rejected on Monday 19th June 2023
Current status: Rejected
Rejection code: irrelevant (see below for details)
Make Early Repayment Charges (ERC) in Mortgages Illegal: Protect Consumer Rights
This petition seeks to ban early repayment charges in mortgages. As it hinders financial freedom and make it difficult to switch lenders.
ERC, imposed by banks on borrowers who pay off mortgages early, restrict financial flexibility. Government intervention is needed to protect consumers.
Government or parliament should pass legislation making it illegal for banks to impose early repayment charges in mortgage contracts, empowering borrowers.
Benefits of the Proposed Solution
Banning early repayment charges promotes financial freedom, encourages competition among lenders, safeguards consumers, and stimulates economic growth.
Make early repayment charges illegal in mortgages to protect consumers, promote fairness, and enhance financial flexibility.
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:
We can only accept petitions about things the Government or Parliament are directly responsible for.
Decisions about whether to have early repayment charges are a matter for individual mortgage providers, not the UK Government or Parliament.
3.137.148.137 Sun, 02 Jun 2024 22:17:59 +0100
