Gov’t And Lenders Must Help ‘Mortgage Prisoners,’ MP Says
Law360, London (March 6, 2019, 12:40 PM GMT) -- A senior lawmaker has told the government it must push lenders to ensure they offer new home loans to “mortgage prisoners,” home-owners trapped in high-interest mortgage deals because their lender is either not authorized by regulators or no longer active.
Nicky Morgan, chairwoman of the parliamentary Treasury Committee, said government ministers must work with private lenders to press them to provide new mortgages to 140,000 trapped homeowners. Many took out loans before the financial crisis but cannot apply for better rates because they do not pass more stringent eligibility checks.
The committee has been corresponding with HM Treasury officials and the...
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