Categories: News

Are you a mortgage prisoner?

Mortgage prisoners are people paying the lenders standard variable rate (SVR) of around 5% and have been unable to move to a lower interest rate with their existing lender or move to a new bank or building society.

What is changing for these mortgage prisoners?

Fifty-nine of the top lender which covers over 90% of the market are writing to their customers who have previously been told that they cannot switch to a better deal. They are doing this by the end of the year (2018). To qualify for the scheme you must meet the following criteria-

Be up to date with your repayments.
Have a mortgage of more than £10,000.
Have a term of more than two years.
Be the owner-occupier paying the mortgage on your main residence.

Who will it not help?

The scheme will not help people with mortgages with lenders who are no longer regulated. This includes Bradford & Bingley and Northern Rock customers. This is estimated to be around 120,000 people.

How can Anstee & Co help you with your mortgage?

We would recommend that if this affects you don’t wait for your letter but contact your lender now. Remember, you may also find a better rate with a different lender. Check out the current remortgage best deals on our website which is updated daily. Sometimes the lowest interest rate is not always the best deal for you but is a good place to start. Our mortgage advisers will explain.

We are independent mortgage brokers. This means that we will act on your behalf to find the best rate for you. Our financial advice is unbiased so why not arrange a meeting. We have offices located in-