PARLIAMENTARY WRITTEN QUESTION
Mortgages: Interest Rates (7 February 2018)
Question Asked
To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the reasonableness of the levels of interest which banks apply to homeowner loans; and if he will make a statement.
Asked by:
Matt Western (Labour)
Asked by:
Matt Western (Labour)
Answer
Action taken by this Government in the years following the financial crisis has supported low and stable interest rates, so that mortgage borrowers have been able to benefit from historically low mortgage rates. For example, an average 2-year fixed rate mortgage has fallen consistently over the last 8 years, from 6.64% in December 2009 to 2.21% in December 2017.[1]
[1] Bank of England, G1.3 - Average quoted household interest rates, 2 year 90% LTV fixed-rate owner occupied Secured Lending Rates
Answered by:
John Glen (Conservative)
20 February 2018
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