The Government has made a U-turn on a pledge to finally free tens of thousands of so-called "mortgage prisoners". The House of Lords had amended the Financial Services Bill to require the regulator to introduce an interest rate cap for affected households.
It would also have ensured in some cases access to fixed-rate deals. The move followed calls for action to assist "mortgage prisoners" trapped with their current lenders, which are often inactive or not authorised to offer new products, leaving many paying higher rates than they would otherwise need to.
They are often rejected when they apply for cheaper mortgages because they do not meet toughened borrowing criteria brought in after the 2008 financial crash, even if they are keeping up
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