Richard Lloyd Which? executive director said:
“This latest hike in mortgage interest rates is a real blow to households already struggling with squeezed budgets. Lenders are hitting mortgage prisoners trapped on Standard Variable Rates with nowhere else to turn.
“More than 1.2 million people have already seen rises in their SVR mortgage which will cost them over £300 million in the next year. The Government must explain why thousands of homeowners are still being hit by increases when the banks are supposed to be passing on cheaper credit through the Funding for Lending scheme.”