The Mortgage Market Review took effect in 2014. Over the long term, it may reduce the risk of another 2008. For the present, however, it has led to some people being trapped on expensive mortgages because they are being told that they cannot afford better deals. The plight of these “mortgage prisoners” is well known. […]
mortgage prisoner
Mortgage prisoners may get early release
The introduction of new “affordability” criteria for mortgages created the, arguably rather farcical, situation of some people being told that they could not remortgage to a cheaper deal because they could not afford it and thereby being forced to continue using a more expensive mortgage product. These people have become known as “mortgage prisoners”, but […]