Tuesday, June 9, 2009

Bank of England is increasingly toothless when it comes to regulating the cost of mortgages

Mortgage Borrowers Suffer as Lenders Charging Extortionate Interest Rates

Average three year fixed rate mortgage: 0.18% above Libor in Oct 2008 -> 2.78% above Libor May 2009. The new face of the credit crunch is higher borrowing costs. Probably going to get far worse as Government borrowing sucks up available credit.

Posted by mountain goat @ 02:59 PM (953 views)
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2 thoughts on “Bank of England is increasingly toothless when it comes to regulating the cost of mortgages

  • Even 3% above base rate is ridiculously cheap money at the moment!
    Why should people get to borrow this cheap at the expense of us savers?
    My bro is saving 13K a year on his mortgage and he’s decided to book a fourth holiday this year, while I have lost about 9K a year.

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  • its bonkers. the taxpayer bailed out the banks.

    now the banks charge more for you (the taxpayer) to borrow money on already vastly overpriced rabbit hutches.

    not only that, the larger banks snapped up smaller ones, then closed all the branches and made redundant more taxpayers, leaving you less choice and competition in the process.

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