Mortgages: Interest Rates

Treasury written question – answered on 8th June 2020.

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Photo of Mark Pritchard Mark Pritchard Conservative, The Wrekin

To ask the Chancellor of the Exchequer, what discussions he has had with mortgage lenders on passing on reductions in the Bank of England lending rate to their customers.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Treasury ministers and officials are in regular discussions with mortgage lenders about the ongoing support they are providing to their customers at this challenging time.

Due to COVID-19, the Bank of England lowered the base rate of interest to 0.1%. Though the interest rate charged on finance facilities are set at the discretion of each lender, the Government expects that these rates will be competitive, and fairly priced, taking into account the unprecedented situation individuals and businesses may currently face.

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