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Mortgage Prisoners Inquiry Bill [HL]: HL Bill 33 of 2024–25

Approximate read time: 15 minutes

The bill would place a duty on the government to establish a public inquiry into mortgage prisoners. Whilst definitions vary, ‘mortgage prisoners’ would be defined in the bill as “people who have been or are unable to switch mortgages to a better deal, even if they are up to date with their payments”. 

Many became mortgage prisoners after the 2008 financial crash when their mortgages were sold to inactive firms. Stricter borrowing criteria and more cautious lending appetite meant that many were unable to switch mortgage providers and were left paying higher interest rates. Despite commitments from successive governments and actions taken by the Financial Conduct Authority to support mortgage prisoners, some campaign groups have argued that more support is needed. 

Lord Sharkey (Liberal Democrat) is the bill’s sponsor in the House of Lords. The bill’s second reading in the House of Lords is due to take place on 7 February 2025.