On 9 January 2019, the FCA published a letter from its Chief Executive, Andrew Bailey, to the Chair of the Treasury Select Committee, Nicky Morgan MP, on the issue of mortgage prisoners’. ‘Mortgage prisoners’ are customers on reversion interest rate who would benefit from switching but are unable to do so, despite being up to date with.
· Mortgage Prisoners: 800,000 homeowners urged to switch to cheaper mortgages . Many homeowners became trapped as a result of the financial crisis in 2008, whereby their mortgage rates and affordability terms changed dramatically and many had their mortgages sold to private investors as part of bailing out various banks, with no choice but to accept terms given to them.
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· In December, mortgage giants Fannie Mae and Freddie Mac announced they would reduce the minimum down payment on certain mortgages from 5% to 3%. For someone buying a $150,000 home, the change means the difference between a down payment of $7,500 and $4,500.
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· FCA unveil plans to help free mortgage prisoners’. “The regulator must now act swiftly to help these 140,000 mortgage prisoners and not use this consultation to kick the issue into the long grass.”. Birmingham set for exciting future . Liverpool on the up: reasons to.
· An inquiry has recently been launched by the All-Part Parliamentary Group (APPG) on Mortgage Prisoners into people who have been stuck in their mortgages and are unable to.
· Some mortgage prisoners may be able to switch to a cheaper loan but most will find they can’t do that, the financial regulator has warned. Mortgage prisoners are borrowers who have been moved onto a reversion rate, which is usually the lender’s standard variable rate, when their original mortgage deal expired.