PARLIAMENTARY WRITTEN QUESTION
Mortgages: Interest Rates (1 June 2020)

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.

Asked by:
Mark Pritchard (Conservative)

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.
Answered by:
John Glen (Conservative)
8 June 2020