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Ray Boulger, from broker John Charcol, told the Daily Mail: "There's a pretty good chance that we are going to see more building societies follow. Historically low interest rates have left building societies with thousands of mortgages on low rates which are not making them any money. On top of this, they cannot bring in money from savers because of the fierce competition in this market. The only thing that they can move is their SVR and that is going to hurt their existing customers."
Even so, Skipton chief executive David Cutter's promise of a 3 per cent cap should the market improve, will be scant comfort for those already struggling to pay the bills.
Let us know what you think. Is it fair that credit-crunched homeowners should be faced with rising mortgage payments, or are building societies right to battle the base rate freeze?