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Lifeline for mortgage prisoners as MSE campaign takes huge step forward - MSE News

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Former_MSE_Callum
Former_MSE_Callum Posts: 696 Forumite
Third Anniversary 10 Posts I've been Money Tipped! Newshound!
in Mortgages & endowments
The financial watchdog is to consult on introducing new lending rules which could help free more up to 140,000 mortgage prisoners, in a huge step forward for MoneySavingExpert's campaign...
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'Lifeline for mortgage prisoners as MSE campaign takes huge step forward'
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Comments

  • silvercar
    silvercar Posts: 49,577 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    I'm curious why 80% of these mortgage prisoners are with unregulated lenders.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    There is too much talking to little action regarding this issue and it should have been sorted out years ago. I'm impatient to see the ACTUAL rules and if they really do help these poor people.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • badmemory
    badmemory Posts: 9,607 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    silvercar wrote: »
    I'm curious why 80% of these mortgage prisoners are with unregulated lenders.


    Me too! I wonder if they have any financial oversight at all? Not that NRAM had much but even they had some! What would happen if those unregulated lenders went kaput?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    badmemory wrote: »
    Not that NRAM had much but even they had some!

    UKAR still have plenty on their books. Plenty of challenges lie ahead. Not least funding.
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