The problem is that whilst people are being given this option to help them through this difficult period as per the Government’s recommendations, they are still left with the stress and anxiety of doing so. This is the exact opposite of what it is meant to achieve and this makes me so cross! I guess problem is we are already on ridiculous SVRs and we know that, once we return to ‘normal’, the monthly mortgage payment will be even higher than it was. I am so lucky I am a teacher; our salary is untouched but I did need to take a payment holiday at the beginning of the year to pay for a new boiler (I know- sad when you can’t even afford a new boiler isn’t it?) Anyway, I had to fight for it – no-one even mentioned the adverse effect on my credit rating and my mortgage went up by just under £100 per month. It feels like a ‘lose – lose’ situation and yet many will have no choice but to have to take this option…..
- Press Release: UK MORTGAGE PRISONERS ESTABLISHED AS NOT-FOR-PROFIT TO BOOST CAMPAIGN EFFORTS
- Response from the UK Mortgage Prisoners Action Group to CP 20/13: Consultation on mortgages
- Which? Money Podcast Mortgage Prisoners: can they escape?
- Press release: Response to FCA ‘Statement on mortgage prisoners’ and ‘Consultation on mortgages’
- UK Mortgage Prisoners Report ‘Poverty Premium: It costs more to be poor’