🏠Mortgage prisoners risk losing their homes because of rising interest rates, warn campaigners The famlies are victims of a lack of protection and regulation before 2008 and they’re still paying for that now... 🔴Exclusive from Victoria_Spratt
Seema Malhotra, Labour MP and Co-Chair of the All-Party Parliamentary Group on Mortgage Prisoners, added: “We are hearing from mortgage prisoners who are struggling with bills and terrified that further interest rate rises will push them over the edge. We need urgent action from the Government and the FCA so that mortgage prisoners get a fair deal.
Part of the problem is that many mortgage prisoners’ loans are not with active banks but instead with what is known as “non-lending entities”. These effectively function as debt collectors now. Because they are not banks, these entities sit outside of the FCA’s banking enforcement remit. In 2021, the FCA published guidelines as to how mortgage prisoners should be treated. Sometimes, inactive lenders are owned by active lenders and even high-street banks. The FCA urges active lenders who own entities such as Southern Pacific Mortgages to offer mortgage holders a new deal where possible.
However, the FCA’s guidelines cannot be enforced. “They can’t actually intervene and help people,” Ms Neale told“Inactive lenders are becoming lawless,” she added. “We are calling for a moratorium on repossessions for mortgage prisoners.”
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