Regulator asks banks and building societies to offer support to borrowers unable to switch
Banks and building societies have been urged to consider changes to lending criteria to help an estimated 47,000 borrowers who could benefit from a cheaper home loan but are currently unable to move.
A review of “mortgage prisoners” by the Financial Conduct Authority found there were about 195,000 households whose debts had been sold on to inactive lenders and that a quarter of them could save money if they were allowed to switch to a new deal.
