Following a vote in the House of Lords, in favour of introducing a Standard Variable Rate (SVR) cap on closed book mortgages, where members backed an amendment to the Financial Services Bill that would cap the SVR for mortgage prisoners and provide access to fixed rate deals, days later (26 April), MPs voted against the amendment. 

Co-Chair of the All-Party Parliamentary Group on Mortgage Prisoners, Seema Malhotra MP, commented during the debate, “Mortgage prisoners have been neglected for more than 10 years. Families have been destroyed and homes have been lost… every month mortgage prisoners struggle to make their monthly payment.”

The government now intends to launch a review to consider other solutions.

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Mortgage lending has soared to record levels, according to latest data from the Bank of England1, which reveals that gross advances in Q1 totalled £83.3bn, which represents a 26.5% increase on the same quarter in 2020 and the highest level since Q4 2007. Impact of the...

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