Helen raises ‘mortgage prisoners’ issue with Chancellor
Shropshire MP Helen Morgan stood up for residents trapped in unfair and expensive mortgage deals in questions with Chancellor Jeremy Hunt earlier this week.
This comes after several ‘mortgage prisoners’ in North Shropshire had contacted the MP about being trapped paying variable rates stemming from the collapse of Northern Rock back in 2008. This means many are unable to leave their current deal, at great personal and financial toll.
Many homeowners across the country are now facing unprecedented financial difficulties due to spiralling interest rates and recent economic turmoil.
Martin Lewis is amongst a series of public figures who have called for better support aimed at those impacted.
Helen Morgan, Liberal Democrat MP for North Shropshire said:
“Several of my constituents remain trapped in unfair mortgage deals that they have no choice but to go ahead with. It isn’t fair, and I was pleased to have the chance to raise this with the Chancellor directly.
“Rising interest rates have already made many feel the pinch, something felt even more severely by many mortgage prisoners.
“I have been promised a reply and will make sure to follow this issue up and keep local people impacted and trapped by the situation informed on the latest news.”
Notes
- Martin Lewis calling for support: https://propertyindustryeye.com/martin-lewis-calls-for-urgent-help-for-mortgage-prisoners-trapped-in-intolerable-situation/
- The transcript of the question is below:
Helen Morgan MP asked:
“I have constituents whose mortgages were with Northern Rock when it collapsed back in 2008, and they've been moved against their will to inactive lenders who've not allowed them to remortgage onto fixed rates. They're now trapped paying variable rates for a long period of time, and they will continue to be so going forward.
“Is there any help for mortgage prisoners in the measures that the Chancellor has announced today?”
Jeremy Hunt MP responded:
“She raises a very fair point and I will write to her with some details of what we're thinking in that area.”