Policy paper
Mortgage Prisoner Review
The Financial Conduct Authority's review of data on mortgage prisoners.
Documents
Details
There are 47,000 mortgage prisoners who are unable to switch to a new mortgage deal, despite being up to date with payments, and who could benefit from switching if they met lender risk appetite. The reasons that mortgage prisoners are unable to switch are complex, and understanding the data is therefore crucial in progressing work. The Financial Conduct Authority’s (FCA) review provides the key insight necessary to do this and the Government will now use the findings of the review to determine if there are any further practical and proportionate solutions that can be found for affected borrowers.