APPG publishes briefing ahead of MPs voting on mortgage prisoner amendments
The All-Party Parliamentary Group on Mortgage Prisoners has published the following briefing notes for MPs ahead of the House of Commons considering Lords Amendments to the Financial Services Bill on Monday 26th April.
These can be accessed by clicking on the links below:
Lords Amendment 8 would cap Standard Variable Rates for mortgage prisoners and ensure that they could access new fixed rate deals.
The Lords amendment would offer real and immediate help to thousands of mortgage prisoners. It would help all mortgage prisoners including key workers, veterans of the armed forces, those suffering from ill health and victims of domestic abuse. The amendment would ensure that all mortgage prisoners have access to fair interest rates.
Mortgage prisoners are not to blame for their predicament. They were victims of the financial crisis and found themselves trapped on high interest rates before being sold on to inactive lenders and mortgage loan sharks which refuse to treat them fairly or offer them new deals.
As consumer champion, Martin Lewis has said an SVR cap on closed book mortgages “would provide immediate emergency relief to those most at risk of financial ruin. No one should underestimate the threat to wellbeing and even lives if this doesn't happen, and happen soon.”
Supporting the Lords amendment would help the Chancellor to meet the commitment he gave to Martin Lewis to find a “workable solution” for all mortgage prisoners.