Kensington Mortgages

Press Releases • July, 2019

Mortgage Prisoners


Mortgage Prisoners


Mortgage Prisoners are people who are fully up to date with their mortgage payments but took out their loan a while back, before new lending and affordability rules came into place.  And now under these new rules some people - Mortgage Prisoners - are unable to meet the affordability tests that lenders now have to undertake to issue new loans and so are unable to re-mortgage their properties. This means that despite being fully up to date with all their mortgage payments, these borrowers are stuck on their lenders’ (often highly uncompetitive) variable rates, unable to take advantage of many of the much cheaper fixed rates that are now available.