Consumers Trapped In Bad Mortgages To Get FCA Reprieve

Law360, London (October 28, 2019, 3:46 PM GMT) -- Britain’s finance regulator announced new rules on Monday to help consumers who are trapped in overpriced mortgages with unscrupulous lenders to switch to more affordable plans.

The new regulations will make it easier for so-called mortgage prisoners — home-owners who are stuck with expensive mortgage arrangements, often with unregulated companies — to move their mortgages to other lenders, the Financial Conduct Authority said.

The regulator said it will contact consumers who are signed up to expensive mortgages to let them know it is now easier to switch to more affordable plans and save money.

"Responsible lending is hugely important, and unaffordable borrowing is...

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