Thursday 7th of May 2009
The standard variable rates (SVRs) being charged by banks have been described as "extortionate".
According to Moneyextra.com, mortgage holders are being punished by "greedy lenders" that refuse to pass on base rate cuts.
The Bank of England today voted to maintain the base rate at its lowest ever level of 0.5 per cent for the second consecutive month.
However, the price comparison site noted that despite traditionally being one or two percentage points above this, the average SVR is now 4.73 per cent.
Those who are struggling to keep on top of what they owe because of high mortgage payments may wish to consider a debt management plan in order to reorganise their finances in a more affordable way.
"We implore the banks to bring down their extortionate lending rates to a level that is fair and just to the consumer," said managing director of Moneyextra.com Richard Mason.
The base rate stood at five per cent at the beginning of October, before being lowered in six consecutive months.
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