UK Finance response to Treasury Minister

November 15, 2018

UK Finance has responded to a letter from Economic Secretary to the Treasury John Glen MP to the Treasury Committee on ‘mortgage prisoners’, which states that  “exploring solutions” for customers with inactive lenders is a top priority.

Jackie Bennett, Director of Mortgages at UK Finance, commented:

“We strongly support the Government’s commitment to explore potential solutions for customers who have mortgages with inactive lenders.

“The industry has already made a voluntary commitment to help longstanding borrowers on reversion rates with active lenders switch to a new deal.

“However, many ‘mortgage prisoners’ are with inactive lenders or unregulated owners and therefore cannot switch to a new deal due to current legislation.

“We will continue working closely with the Government and FCA to look at how active lenders might be able to support these customers. This could include changing the current rules to make it possible for customers who want a like-for-like mortgage to move between lenders more easily.”

Source of information UK Finance

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Prime London sellers return to market

The latest look at prime London property supply from Jefferies London has shown that the volume of homes priced at £2m or more listed for sale across Prime Central London (PCL) increased by 2.7% during the first quarter of 2026, with £2m+ homes now accounting for 35.5% of all PCL stock. Jefferies London analysed current…
Read More →
Breaking News

Council funding to crack down on rogue landlords

English councils are set to receive additional funding and training to help tackle rogue landlords, ahead of taking on new responsibilities when renters’ rights reforms come into force next month. All 317 local authorities in England will share £41 million in funding, building on an earlier £18 million allocation made last autumn. The funding is…
Read More →
New Builds 2020
Breaking News

Fewer than 1 in 5 new properties securing buyer

New-build demand remains subdued as fewer than 1 in 5 homes find buyers in Q1 2026 The latest New-Build Stock and Demand Index from Property Inspect has found that demand for new-build homes remained subdued in the first quarter of 2026, with fewer than one in five new properties securing a buyer. New-build stock levels…
Read More →
Estate Agent Talk

Top five AML red flags in UK property transactions

Cash-heavy and internationally supported purchases continue to shape the UK market New data from client due diligence platform Thirdfort reveals the most common anti-money laundering (AML) red flags identified in UK property transactions. Analysis of more than 415,000 completed Source of Funds (SoF) checks shows that the top five red flags are: Savings mismatch – 43.04% Gifted…
Read More →
Estate Agent Talk

Discover Northern Ireland’s top emerging investment hotspots

Derry/ Londonderry and Fermanagh named Northern Ireland’s top emerging investment hotspots Northern Ireland’s emerging investment hotspots are delivering compelling opportunities for landlords in 2026, with new research from Belfast-based estate agency John Minnis revealing a shift in where investors are finding the strongest returns. Drawing on insights from the latest John Minnis Investment Guide, the…
Read More →
Breaking News

Breaking Property News 13/4/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Why customisation matters more than capability Thought Leadership by Wes Snow CEO & Co-founder of Ascendix Technologies ‘There’s a persistent misconception that success with Artificial Intelligence comes down to selecting the most advanced or sophisticated tool. In reality, that’s not where the value lies. The real…
Read More →