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FCA urges lenders to support UK’s 47,000 ‘mortgage prisoners’
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Banks and building societies have been urged to consider changes to lending criteria to help an estimated 47,000 borrowers who could benefit from a cheaper home loan but are currently unable to move.
A review of “mortgage prisoners” by the Financial Conduct Authority found there were about 195,000 households whose debts had been sold on to inactive lenders and that a quarter of them could save money if they were allowed to switch to a new deal.
However, despite changes that have made it easier for banks to offer these borrowers home loans at a better rate than the one they are currently paying, the FCA found that demand from customers and supply from lenders has been low.
“We hope that more mortgage prisoners will be able to switch their
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