Bailey set to face pressure from mortgage prisoners campaign

Outgoing head of the FCA and future Bank of England (BoE) Governor, Andrew Bailey, is set to face pressure from the Mortgage Prisoners Campaign Group at a lobby meeting tomorrow.

On Thursday, the campaign group will be looking to push Bailey to deliver solutions to help free the estimated 170,000 people locked into their mortgage.

In some extreme cases, borrowers have been locked into paying rates of more than 11% on mortgage loans, while interest rates have sat close to record lows for more than a decade.

Trussle head of mortgages, Miles Robinson, suggested Thursday’s meeting could be Bailey’s last chance to make a ‘meaningful change’ in his role at the FCA.

Robinson commented: “While we’re hopeful Thursday’s meeting with the FCA will ignite conversations to end the unfair treatment of these mortgage prisoners once and for all, it’s not time for celebration just yet.

“Currently, there are 170,000 mortgage prisoners trapped in an expensive mortgage. Owning your home should mean stability and freedom. But for these borrowers, their mortgage brings anxiety, stress, and unequal treatment.

“It’s down to the lenders to act in accordance with the FCA’s guidelines and help this underserved group by utilising more proportionate affordability assessments for customers. With Andrew Bailey shortly taking on the role of the Governor of the BoE, this his last chance to enact meaningful change at the City watchdog.”

In December, it was announced that FCA head, Andrew Bailey, would become the new Governor of the BoE, and Bailey is set to take over the role from Mark Carney on 16 March.

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