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.

Catch up on our other blog posts:

Stamp Duty – Just a Reminder!

Stamp Duty – Just a Reminder!

The temporary raising of the nil-rate Stamp Duty band threshold to £500,000 ended on 30 June. The measure was introduced in July 2020 to maintain confidence in the housing market during the pandemic. Don’t despair if you missed the deadline, as there's now a tapered...

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A Record Summer for house prices?

A Record Summer for house prices?

House prices continue to rocket, with the Nationwide House Price Index1 revealing annual house price growth of 13.4% in June, the highest level since November 2004.  The extended Stamp Duty holiday, in addition to the new mortgage guarantee scheme and changing...

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