Mortgage Prisoners, Remortgage with no income assessment problems!
NO INCOME CALCULATION FINANCE FOR MORTGAGE PRISONERS
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Remortgages are now being available with much greater flexibility with no concern about an income calculation or being assessed for maximum income multiples. This has long been a problem since the start of the UK financial crisis for those who purchased just prior to the 2007 chaos with old style Self Cert, Non Status or Self Certification mortgages particularly who now find themselves with mortgages greater than their homes are worth. Make an enquiry now from right here and we'll start the ball rolling on releasing you from the closed book lender that your currently trapped with.
The FCA the UK financial regulator has now granted lenders permission for so called "Mortgage Prisoners" to now be able to move their mortgage to another lender at a better rate or move home without any major obstacle. The Financial Conduct Authority is all too clear that to trap borrowers as Mortgage Prisoners is not the way to go for the UK general public and is not helping unglue a large proportion of UK homeowners to move upwards in their home ownership progression. The regulator has granted us permission to act for clients in this situation and have published via it's Money Advice Service confirmation of our firm working with them to try and right the previous wrongs of the mortgage industry in ignoring borrowers effected by this.
The regulators had previously outlined plans for mortgages that are of the same size or less than the current one you already have getting a kind of amnesty on applicants proving their incomes however they have now said: “We’ve had lots of really very helpful suggestions on this. There is a concern that we may have been too restrictive in not allowing borrowers to borrow more or to increase their payments.
“We need to think about this. There are times when for example changing to a fixed rate mortgage to ensure a greater degree of certainty and that means an increase in monthly repayments, it may actually be in the borrower’s interests to do that.”
MortgageShop.com are taking these new rules being worked on by the FCA very seriously and are proud that we are one of the first companies releasing these new products to the general public as soon as the regulator and lenders completed their discussion process on how these new accounts will work.
The discussion process in place in the UK financial world is called the MMR or Mortgage Market Review and to confirm that this is going to present a REAL alternative to the Mortgage Prisoner status many residents of the UK are in see the Financial Conduct Authority documentation on this process and its fast moving progress. The MP's are looking at enforcing a variable rate cap for "so called" closed book lenders, as an amendment to the Finance Act, to assist any account holders not able to adhere to the mortgage prisoner underwriting terms.
If you are worried about your mortgage situation please us our enquiry links on this page and allow us to make sure you are one of the first people in the UK who get all the details of these new mortgage products as soon as they get finalised, there could well be the much needed light at the end of the tunnel thanks to the ongoing skilled work of the Financial Conduct Authority to assist these recognised problems.
UK Mortgage Calculator
Start the ball rolling right here and make the move away from your closed book lender offering you no choice of rates and into the world of High Street lenders using special arrangements put in place to help you :-)