Borrowers still trapped into paying 5%-plus rate with inactive lenders that do not offer cheaper deals
Mortgage borrowers trapped on interest rates of more than 5% say they are “disappointed, distressed and betrayed” after MPs voted against a cap on how much lenders can charge.
The plan to limit standard variable rates (SVRs) charged by inactive lenders was an amendment to the financial services bill added in the House of Lords to help a group of about 250,000 borrowers known as mortgage prisoners.
