Commons Sense

House of Commons · General Debate

Mortgages (Switching)

11 March 2024 · 1 other contributor

Opened by Martin Docherty-Hughes SNP West Dunbartonshire

Housing

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Martin Docherty-Hughes raised concerns about mortgages (switching) in the House of Commons. Other MPs contributed to the debate.

Key points

  • Concerns raised about mortgage prisoners unable to switch to new arrangements
  • Estimated 200,000 individuals are trapped on high street rates since the financial crisis
  • Criticism of government for ignoring the issue in the spring Budget

How the debate unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said.

Opened the debate

Martin Docherty-Hughes SNP West Dunbartonshire

Moves to bring in a Bill to enable mortgage prisoners to switch to new arrangements, highlighting the plight of an estimated 200,000 individuals across the UK who are trapped on high street rates since the financial crisis and face losing their homes. Criticises the government for ignoring this issue in the spring Budget despite assurances from the Prime Minister that action would be taken.

Other contributors (1)
  • Martin Docherty-Hughes SNP West Dunbartonshire

    Describes the unfair situation mortgage prisoners face, including significant increases in mortgage debt and negative equity. Criticises companies like Heliodor Mortgages for offering mortgages to those who cannot switch due to toughened borrowing criteria, resulting in high fees and charges. Emphasises the need for a cap on standard variable rates and financial advice for victims.

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