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‘Persons are losing their homes’ Campaigners call for more help for mortgage prisoners | Personal Finance | Finance

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The Bank of England (BOE) hiked rates of interest for the seventh consecutive earlier today from 1.75 to 2.25 percent, a call which is able to mean mortages turn out to be dearer. Today’s base rate decision is the biggest hike in 14 years leaving around quarter of one million (250,000) British homeowners stuck with their mortgage deal because their administrators have turn out to be inactive or unable to authorise recent products.

“Subsequently, they left us open to profiteering once they sold our mortgages to non lenders who made ineffective guarantees. We cannot proceed to put out the identical arguments repeatedly with little response.

“Persons are losing their homes, affected by chronic stress, physical and mental sick health resulting from the pressure of the rate of interest rises and the associated fee of living.”

They continued: This can’t be allowed to proceed. We’ve got members who share their personal stories with us, many tragic, after enduring years of monetary trauma resulting in vast detriment, family breakdown, mental and physical illness, existing relatively than living all while their neighbours who selected one other Lender have lived full lives on low fixed rates.

They continued: “We’ve got no resilience left. Definitely not to resist a crisis on top of the crisis we’ve got endured.

READ MORE: Woman turns to food bank after delay to £150 disability cost of living

“These are real people, often too broken to even tell their stories. The shameful creation and treatment of mortgage prisoners has gone on too long.

“Mortgage prisoners are amongst essentially the most vulnerable people within the country.

“Not only are there many with sick health, disabilities, poor mental health caused by stress, but we’ve got had our own a cost-of-living crisis for well over a decade.”

While it’s estimated there are 250,000 mortgage prisoners across the UK, a recent report by the Financial Conduct Authority (FCA) has found there may very well be way more. 

Meanwhile, one lender is doing its best to assist mortgage prisoners and has launced a product to assist them lower your expenses.

Jonathan Westhoff, Chief Executive of West Brom, said: “Since launching our products to support mortgage prisoners, we’ve been pleased with the borrowers we’ve been in a position to help to this point, with some borrowers saving as much as £700 on their monthly payments.

“Whilst the experience has been positive, we’ve got all the time accepted that the West Brom can only accomplish that much to assist borrowers caught in this example and have called on other lenders for further support.”

“No matter the response, we still feel that far too few of those borrowers have been alerted to the chance to scale back dramatically their monthly mortgage payments.”

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