Mortgage rates

Mortgage lenders are treating their customers as profit-fodder, says comparison website moneyextra.com.

It said lenders have increased the difference between the Bank's rate and their Standard Variable Rates to "unheard of" levels.

The average SVR is now 4.19% above the base rate which represents a 120% rise in income for lenders in 12 months, it added.

And it warned that four out of 10 mortgage holders risk falling prey to these rates when their current deals end this year.

We speak to Richard Mason, managing director of comparison website moneyextra.com and Bernard Clarke from the Council of Mortgage Lenders.

See also: