There may be some good news for Mortgage Prisoners under the new affordability rules

Many Mortgage prisoners who have been trapped in overpaying for years are slowly starting to escape to much cheaper deals thanks to the new affordability rules.

The Financial Conduct Authority (FCA) last year, introduced rules allowing lenders to use these modified affordability assessments for mortgage prisoners who meet certain criteria.

Mortgage prisoners are borrowers who are trapped with existing lender unable to switch to better deal or move their mortgage to a new lender because they don’t meet their affordability assessment even if they would be often paying much less by switching their mortgage.

Four lenders have now started to follow these modified assessments and we truly hope more will follow to provide freedom to Mortgage Prisoners.

Are you a mortgage prisoner?

To discuss your individual requirements please call us on 01483592743 or 07834173731 Alternatively please send us an email at info@themortgagechoice.co.uk

Your home may be repossessed if you do not keep up repayments on your mortgage

Image Credit: Photo by Glenn Carstens-Peters on Unsplash

Information sourced & for full article please visit Money Saving Expert

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