FCA opens door for ‘mortgage prisoners’, but many remain shackled

lock
By Tom Brown
29 Oct 2019

The Financial Conduct Authority (FCA) announced on Monday that it is introducing new rules to allow lenders in the UK to use a “more proportionate” affordability measure, allowing some of the 120,000 so-called ‘mortgage prisoners’ to refinance and escape high interest rates.

The announcement comes amid growing calls for reform, after regulatory changes saw mortgage borrowers trapped in high interest rate loans — some reaching 6% — costing customers thousands in additional interest. The issue spawned a debate with the potential to affect almost £30bn of outstanding UK mortgage ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.