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'House of Lords votes in favour of interest rate cap for mortgage prisoners'
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MSE News: House of Lords votes in favour of interest rate cap for mortgage prisoners
MSE_Petar
Posts: 382 MSE Staff
The House of Lords has voted in favour of an amendment to the Financial Services Bill, which could see interest rates capped for certain mortgage prisoners, as well as ensuring some have access to fixed interest rate deals.
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Comments
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Chances of parliament agreeing to this are slip"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
‘The amendment to the Bill would bring in a cap on the standard variable rate (SVR) of interest for mortgage prisoners in 'closed books' - ie, those borrowing from a firm which no longer lends to new customers. The proposed cap is no more than 2% above the Bank of England base rate (currently 0.1%).’You know, I’m not sure that this amendment is going to fly tbh....0
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Saw a article on the BBC saying the Treasury has been lobbying MPs not to support the Lords amendment as an interest rate cap would have serious market implications and be unfair to other borrowers.0
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