Parliamentary Year book Online: A mortgage at 1.99% is 8 times the Bank of England rate. At 3.09% it's 12 times the bank of interest rate and a bit. With most of these new deals coming with an stanard variable rate of BoE rate +2% it's not such a great deal when the BOE rate hits 6%+
The banks have been handed loads of cheap money at the tax payers expense which they are then using to go one over on their customers, most of whom are taxpayers.
Parliamentary Year book Online: People should not be beholden to money lenders for twenty five year terms for the privilige of a home to call their own.
It is time for people to wake up to the reality that competing with one another to buy a nice house drives up prices and is not in the best interests of society.
It is in the best interests of money lenders.
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