The FCA can’t force any firm to offer mortgage prisoners a new deal. That remains a commercial decision for lenders which the FCA has no input on and cannot enforce.
An FCA spokesperson said: “We recognise that consumers are facing real challenges resulting from increases in the cost of living.” “We expect firms to follow our rules and treat borrowers, including those in financial difficulty fairly. Repossession action should only be taken as a last resort, if all other efforts to help the customer have failed. Repossession levels currently remain low.”
“Borrowers who are experiencing financial difficulty, or expect to, should contact their lender as soon as possible or seek support from MoneyHelper.” Last month, the Bank of England raised the interest rates again. The bank rate went up by 0.5 per cent to 3.5 per cent. Ahead of that decision, on December 7, the Chancellor, Jeremy Hunt, met with major lenders as well as the FCA to discuss how anyone struggling to pay their mortgage can be supported.who are up to date with payments to switch to a new mortgage deal without another affordability test.
APPGMortgage Victoria_Spratt
APPGMortgage Victoria_Spratt Thank you for your article. so many mortgage prisoners, including myself, are still mystified by so little help from the government for a disaster not of our making. Questions have to asked to what the government are hiding for all this inaction and blocking resolutions.
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