Mortgage Prisoners

Customers are classed as mortgage prisoners by the FCA if they took out a mortgage with a lender who is no longer accepting new applications or product transfers for parts of their mortgage book (closed book lenders) and they are now unable to remortgage to a cheaper new deal with another lender, as a result of policy and criteria changes across the market. New rules from the FCA will now allow lenders more flexibility to consider remortgage applications from these customers.

Customers who are classed as mortgage prisoners will receive a letter from their existing lender referring them to the Money Advice Service website which has further information and a basic eligibility tool.

Stamp Duty Holiday Ending

The Stamp Duty holiday ends on 31st March 2021. Purchases need to complete on or before this date to benefit from the reduced rates.

Please be aware that due to lenders backlogs and the pressure on solicitors, the average time from putting in an offer to completion is approximately 16 weeks.

The Christmas and New Year period will also slow the process down, so please keep this in mind when budgeting for your fees and timescales.