Mortgage holders face double blow with higher rates & reduced choice as FCA makes changes | Personal Finance | Finance

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Despite these difficulties, new measures have been introduced to help some mortgage holders with different sets of problems.

Mortgage “prisoner” problems have emerged over the last year or so as some homeowners found they could not move to a more affordable deal after affordability rules were introduced by the FCA.

This occurred even for mortgage holders who were completely up to date with their payments but on October 23, the FCA introduced new measures to address some the problems.

The regulator has set out guidance to help borrowers with interest-only and partial capital repayment (part-and-part) mortgages whose mortgages have matured since 20 March 2020 or will do so in the next 12 months, given the impact of coronavirus.





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