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Lending rules to change to help UK home owners who are mortgage prisoners

January 11, 2019 / Building Societies Association

Lending rules set out by the UK’s financial watchdog are set to change to help some 140,000 home owners who are mortgage prisoners, unable to switch to a better deal with another provider. The Financial Conduct Authority (FCA) has written to the Treasury Committee confirming that there are around 120,000 with firms that are not authorized to lend who could benefit from switching but cannot do so and 20,000 with firms that are inactive and no longer lending.