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UK Finance has today responded to a letter from Economic Secretary to the Treasury John Glen MP to the Treasury Committee on ?mortgage prisoners?, which states that ?exploring solutions? for customers with inactive lenders is a top priority.
Jackie Bennett, Director of Mortgages at UK Finance, commented:
We strongly support the Government's commitment to explore potential solutions for customers who have mortgages with inactive and unregulated lenders. The industry has already made a voluntary commitment to help longstanding borrowers on reversion rates with active lenders switch to a new deal. However, many ?mortgage prisoners? are with inactive lenders or unregulated owners and therefore cannot switch to a new deal due to current legislation. We will continue working closely with the Government and FCA to look at how active lenders might be able to support these customers. This could include changing the current rules to make it possible for customers who want a like-for-like mortgage to move between lenders more easily.
We strongly support the Government's commitment to explore potential solutions for customers who have mortgages with inactive and unregulated lenders.
The industry has already made a voluntary commitment to help longstanding borrowers on reversion rates with active lenders switch to a new deal.
However, many ?mortgage prisoners? are with inactive lenders or unregulated owners and therefore cannot switch to a new deal due to current legislation.
We will continue working closely with the Government and FCA to look at how active lenders might be able to support these customers. This could include changing the current rules to make it possible for customers who want a like-for-like mortgage to move between lenders more easily.
<ol><li>UK Finance is a trade association formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents more than 250 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers? Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.</li> <li>The letter from Economic Secretary to the Treasury John Glen MP to the Treasury Committee can be found <a href="https://www.parliament.uk/documents/commons-committees/treasury/Corresp…; target="_blank"><u>here</u></a>.</li> <li>In July 2018, UK Finance, the Building Societies Association (BSA) and the Intermediary Mortgage Lenders Association (IMLA) announced an industry-wide voluntary <a href="https://emea01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww…; to help those longstanding customers on reversion rates who are with active lenders.</li> </ol>
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