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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
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