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Responding to the plans announced by Money Saving Expert to fund research into potential solutions to help 'mortgage prisoners', UK Finance Director of Mortgages Jackie Bennett said:
UK Finance is working with a wide range of banks, building societies and specialist lenders to help them develop new products for borrowers with inactive firms who are eligible under the Financial Conduct Authority's revised affordability criteria. We are also actively considering other practical ways in which these customers could be helped. "The Money Saving Expert research will build on these industry-wide efforts by providing further valuable insight into potential solutions for these customers. ?We will continue to work closely with members, the FCA and the government to help find solutions for as many customers as possible.
UK Finance is working with a wide range of banks, building societies and specialist lenders to help them develop new products for borrowers with inactive firms who are eligible under the Financial Conduct Authority's revised affordability criteria. We are also actively considering other practical ways in which these customers could be helped.
"The Money Saving Expert research will build on these industry-wide efforts by providing further valuable insight into potential solutions for these customers.
?We will continue to work closely with members, the FCA and the government to help find solutions for as many customers as possible.
<ol><li>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li> <li>The FCA has made it possible for customers transferring their mortgage from one lender to another to avoid the need for the detailed assessment required for new lending, where they are not looking to borrow any more money and are up to date with payments. Customers of inactive lenders and firms not authorised for new mortgage lending will be contacted by their mortgage administrator later this year to inform them of this change.</li> <li>UK Finance, together with other industry bodies, is working closely with the FCA to develop sources of information to help customers check if they are able to secure a new mortgage deal under the revised criteria. We would also encourage customers to contact the Money Advice and Pensions Service who can provide free and impartial advice. Depending on their circumstances, customers may opt to see an independent mortgage broker. </li> </ol>
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