The official site of the Prime Minister's Office.
E-Petitions.
This petition is now closed, as its deadline has passed.
We the undersigned petition the Prime Minister to Force the banks to pass on the 0.5% bank of England base rate cut to new customers. More details
Submitted by Karen Obrien of Sussex Mortgage Centre – Deadline to sign up by: 22 December 2008 – Signatures: 63
More details from petition creator
Many customers are coming to the end of their special 2 or 3 yr tracker rates this year, with the likes of the ABBEY not passing on the .05% cut in base rates to new customers and now the other lenders reviewing their positions to not be exposed to a giant proportion of the remortgage market , many clients are left with no options except go onto the variable rate with their existing lender .They will not be able to afford their mortgages and this is fuelling the position for more people to be repossessed.
What is the point of the bank of England cutting rates if lenders refuse to pass this on to the man in the street? We have seen the margins on tracker rates go up by 0.5% last week ,this is so unfair.
As house prices fall , more and more of customers are left with no options than to have a whopping increase in their monthly payment whilst the lender makes yet more money out of them yet again. If this continues there will be many more repossessions and a lot of bankrupt mortgage brokers who have been a valuable source of advice and service to the general public .
The government MUST ACT NOW and force the banks to play fair.
Karen OBrien
Independent Mortgage Adviser
Current signatories
Karen Obrien, the Petition Creator, joined by:
- Alan Young
- T S McCutcheon
- James Greenfield
- ROBERT CHART
- Wilma Morton
- Adam Hayward
- Bill Donoghue
- Clare Philipson
- Yvonne Crawley
- simon sutton george
- Luca Baxendale
- Roy Langstaffe
- Tracy Stoffell
- sarah davus
- Robert White
- Trevor Farley
- Chris Bartrip
- Mr Partis (petitions.pm.gov.uk/tombaker/)
- Christopher Lawton
- Abdullah Rhodes-Taylor
- Jimmy Wong
- Gerry Mitchell
- Barry Fermor
- Mary-Helen Shakespeare
- Mark Rumsey
- Steve Bassett
- Daniel Molica
- Lindsay Halsey
- Debra Hackman
- Lorraine Hemmings
- Colin Mackay
- Adam Mackay
- lesleywilson
- Rachel Kent
- Roger Easter
- PAUL BLYTHEN
- Andrew Hart
- Stephen Pakenham Bishop
- Ian Guest
- Chris Hulme CertPFS CeMAP
- phil homer
- Sunil Madar
- Jennifer Cook
- Neil Burton Cert PFS
- Sara Smith
- Nigel Richardson
- Robert Duckworth MLPM
- John Tipper
- Martin Seccombe
- caroline gee
- Natasha Russell
- Stephen Fisher
- Rory Lawson
- David Bowen
- Emma Byrne
- Daniel Wilden
- Alan Sawyer
- Sharon Ricketts
- Anthea May
- Cheryl Sorrell
- A. Beladaci
- jean Hughson
