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15
th April 2021 4:40 pm
The House of Lords has voted in favour of an amendment to the Financial Services Bill to impose a cap on standard variable rates charged to mortgage prisoners.
According to the wording of the clause, the cap would apply to borrowers who are unable to switch lender and whose mortgage is owned by an inactive or unregulated business.
Lords voted 273 to 235 in favour of keeping the amendment yesterday, however the Bill now returns to the House of Commons and the UK Mortgage Prisoners action group is urging MPs to support the proposal.
It says: “We would like to thank Lord Sharkey, co-chair of the All-Party Parliamentary Group for Mortgage Prisoners, for the inclusion in yesterday’s debate of the amendments for mortgage prisoners in the Financial Services Bill.