The FCA refers to mortgage prisoners as ‘longstanding borrowers who are currently unable to switch to a better deal’ and explains that ‘most of these customers that appear unable to switch took out mortgages (often interest only) before the financial crisis’.
Mortgage prisoners have become more common since the introduction of MMR in 2014, which enforced all lenders to apply stricter affordability checks to applicants and means many applicants failed to pass interest rate stress testing.
At Ipswich Building Society we’re committed to helping mortgage prisoners wherever we can – through our manual underwriting we can take a close look at your client’s income and outgoings to see whether we may be able to help them move their mortgage.
Give us a call on 0330 123 1073 to discuss your case.
