Banks hike interest rates on key mortgage products, despite BoE slashing rates

Banks hike interest rates on key mortgage products, despite BoE slashing rates

The British banking industry has gone against the efforts of the Treasury and Bank of England (BoE), to reduce the financial strain on households, by raising interest rates on many mortgage products. Customers face the risk of rising borrowing costs, despite the Financial Conduct Authority and the BoE urging commercial banks to pass on reduced lending rates, provided as a stimulus.

Srijith
Srijith
Fin
Fin 1 months

Remember them when they stick their gutless hand out for some future bailout or forgiveness

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