“Mortgage Prisoners” is a relatively new term that has caused much debate in the industry, now reaching the levels of Government and the FCA.
The Mortgage Show Podcast is back with a special extended edition as Monty takes an in-depth look into this subject with the help of someone who knows these issues all too well and represents many of those affected, Rachel Neale from UK Mortgage Prisoners (@UKmortgageprison).
The subject of Mortgage Prisoners, apart from being very important to all of us in the mortgage market, is something that can be very emotive and has caused issues and hardship for many people over the last few years since the credit crises.
In a very frank and open discussion, we will tackle the question of what is a Mortgage Prisoner, who is to blame for this issue and what can be done about it. We also consider the mental health aspects of those affected and ask why books of mortgage borrowers were allowed to be sold to unregulated or non-lending institutions?
Is all of this simply part of the unintended consequences of a change in regulation trying to make sure we don’t repeat mistakes of the past, or was it an accident waiting to happen because of consumers borrowing above their means?
Monty & Rachel also discuss the role of consumers, advisers, the FCA and Government and take some excellent listener questions from Twitter.
The Mortgage Show Podcast will be back soon and if you have any comments or want to appear on the show let us know! For more episodes click here or you can also find us on iTunes here. Don’t forget to rate us!