Mortgage prisoners could be handed a lifeline in the near future.

What is a mortgage prisoner?

Mortgage prisoners are those who are stuck with high interest rates due to being unable to fit the now much stricter criteria from lenders. Or, in other cases, borrowers who are stuck with lenders that have no products to offer. It is thought that around 140,000 people are in this situation.

Are you stuck on a high variable rate without the ability to achieve a more favourable rate? Have you maintained your mortgage payments without fail? A number of these cases a with lenders that are now inactive, such as Northern Rock. With mortgage books being sold to holding companies.

The FCA and its plan.

Its understood that the FCA is planning to fast track any progress with the proposals. Although any decision will also need support from lenders. The consultation is ongoing but action could be seen as soon as 12 weeks.

Watch this space!

In the meantime, if you feel your interest rate is to high why not drop us a line for a review.