Banks and building societies have been urged to consider changes to lending criteria to 🦿assist an evaluated 47,000 borrowers who may advantage from a cheaper home loan but are as of now incapable to move.
A review of “mortgage prisoners” by the Financial Conduct Authority found there were about 195,000 households whose debts had been sold on to inactive lenders and that a quarter of them could save money💸 #banks #building #money if they were allowed to switch to a new deal.
FCA urges lenders to support UK’s 47,000 ‘mortgage prisoners’
However, despite changes that have made it easier for banks to offer these borrowers home loans at a better rate than the one they are currently paying, the FCA found that demand from customers and supply from lenders has been low.
