Are you a Mortgage Prisoner?

by Malcolm Jones

10:19 AM, 20th January 2021
About a month ago

Are you a Mortgage Prisoner?

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Are you a Mortgage Prisoner?

A Mortgage Prisoner is someone who cannot switch to another product or to a new lender for their residential mortgage, despite being up to date with their payments. They could be stuck with a lender exploiting them with a high interest rate and not allowing them to take up more advantageous rates.

This may be due to new affordability rules that have been introduced since the original mortgage was taken out. It could also be because the customer’s circumstances have changed or because their current mortgage is with an inactive lender. This often results in the customer paying thousands of pounds per annum over and above what they would pay if they weren’t a Prisoner.

Brooklands Commercial Finance is working with a number of lenders that have modified affordability assessments. In order to qualify for these mortgages the borrower must fit these criteria:

  • Have a residential mortgage on your home
  • Be up to date with their mortgage payments and have been for the last 12 months
  • Do not want to borrow more than their existing mortgage, except to cover any associated fees
  • Buy-to-let mortgages are not eligible

The recent dramatic reductions in interest rates mean that there are some very cheap mortgage deals available. Also, some lenders will consider interest-only mortgages, if there is a repayment plan in place.

Brooklands Commercial Finance are regulated and listed to assist by the FCA to assist Mortgage Prisoners.

If you are currently on a high Standard Variable Rate (SVR), now is the time to contact Brooklands using the form below who will make a free assessment of how much you could save.

Contact Brooklands Commercial Finance

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