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Mortgages (Switching)
11 March 2024
Lead MP
Martin Docherty-Hughes
Debate Type
General Debate
Tags
TaxationBusiness & Trade
Other Contributors: 1
At a Glance
Martin Docherty-Hughes raised concerns about mortgages (switching) in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
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.
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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Assessment & feedback
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About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.