Table 1: Product transfers in the first quarter of 2018
Article continues after advert | Number | Value |
Advised business | 203,200 | £29.5bn |
Execution only | 187,000 | £24.2bn |
Total | 390,200 | £53.7bn |
Source: UK Finance. Copyright: Money Management
All three industry bodies have joined forces in a pledge to help borrowers stuck on their lenders’ reversion rates because they are ineligible to move to an alternative product as a result of the MMR’s stricter affordability criteria. This initiative covers 10,000 borrowers subject to certain criteria, such as being customers of an active lender, up to date with payments and searching for a like-for-like mortgage.
However, the FCA has identified around 140,000 so-called “mortgage prisoners” who are customers of either inactive or unauthorised lenders. The regulator intends to explore what can be done to identify and help this category of borrowers.
