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<p>Data released in July 2020 stated that customers with inactive lenders pay on average
just 0.4% more than borrowers with the same lending characteristics with active lenders.
In addition, the recent London School of Economics report on mortgage prisoners noted
“capping SVRs at a level close to the best rate for new loans could create harm in
other parts of the market, and we do not recommend it”.</p><p> </p><p>The government
is working closely with the Financial Conduct Authority and industry to develop switching
options for mortgage consumers with inactive lenders.</p>
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