Nearly all mortgage providers failed to pass on cuts in the Bank of England's base rate to their standard variable rate customers, according to a survey by consumer champion Which?
The average SVR these days is 3.48 percent above the base rate of inflation, compared with 1.98 percent in 2008.
And some folks have neither enough equity in their homes or a high enough income to do anything about it, and are at the mercy of interest rate rises. A one percent rise to interest rates would add £50 the monthly bill of someone with a £100,000, 20-year mortgage.
Cheltenham & Gloucester and Lloyds TSB Scotland are the only lenders from the four biggest banking groups to pass on the full extent of the cut on to its borrowers.