The FCA is currently undergoing a review to assist those classified as ‘mortgage prisoners.’ These are households that are not necessarily looking to move home, but are tied into their existing rates with their existing providers and cannot change.
The group of mortgage prisoners they are referring to includes 10,000 borrowers with an authorised firm trapped on a rate, 20,000 with authorised firms who are no longer lending, and 120,000 who are with firms not authorised to lend.
