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@JohnGlenUK I can’t help think you’re being deliberately obtuse. A mortgage prisoner has typically been trapped & exploited for several years on an SVR they can’t escape and held captive by little more than shell companies.. https://www.mortgagesolutions.co.uk/news/2020/11/19/treasury-rejects-cap-on-svrs-to-help-mortgage-prisoners/?fbclid=IwAR3DkamFXXf3QN4lsVZZ9R7nLwU7HDkHITOhoY5rwRSO7V4liJmQAYOdrN8
These ‘companies’ have never been lenders, let alone active ones; set up to do little more than collect cash, at a premium, against the mortgage book tranche they’ve picked up for ‘peanuts’. Where they can’t, they’ll profit by repossession. They’re shooting fish in a barrel.
A mortgage prisoner is in a completely different boat to someone who, through inertia, ignorance, bad planning or being otherwise preoccupied (there’s this pandemic malarkey going on), has ended up, temporarily on their, active, lenders SVR.
A comparable SVR is not an excuse. For those having had no option for several years, the damage has been done, lives negatively impacted and even lost. This is not the same as someone who may dip in and out of being subject to an SVR at the end of a fixed term deal.
However, mortgage prisoners aside - the % of all mortgage owners on an SVR has climbed to 46%. I must question an industry where nearly HALF of its customers, temporarily or otherwise, are exploited to the tune of multiples more than the other half.
You must be aware that this is blatant, multi billion pound profiteering. What other industry would stand by and watch this happen? To repeat, vulture fund SVRs being comparable to market norms is a moot point. Mortgage prisoners have been stuck on it for years, others have not.
It’s morally reprehensible and a national disgrace that this has been allowed to go unchecked for over a decade. To know that the government has been complicit is sickening. @BorisJohnson @RishiSunak @MartinSLewis @MoneySavingExp @mortgageprison #UKmortgageprisoners
