Rejected petition Add an interest cap to all new mortgage products

Pass a law to protect both homeowners and buyers from this financial turmoil by putting a interest cap on the mortgage rates (example : mortgage interest rates cap of 5%).

More details

With the current market turmoil and interest hikes, it has now become apparent that remortgaging and buying homes with a mortgage will be quite difficult in the coming months. It is projected that the base interest will be above 6% next year. This would mean mortgages of above 10% which would be unaffordable for normal public.

This petition was rejected

Why was this petition rejected?

It’s about something that the UK Government or Parliament is not directly responsible for.

We can only accept petitions about things the Government or Parliament are directly responsible for.

Decisions about mortgage rates are a matter for lenders, not the UK Government or Parliament.

We only reject petitions that don’t meet the petition standards.

Date submitted 30 September 2022
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