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.
