Seema Malhotra has appeared on a Which? podcast, the country’s leading consumer advocacy-focused media group, to talk about the struggle faced by mortgage prisoners and the necessity of parliamentary representation for them. Mortgage prisoners are generally people who took out mortgages before 2008 whose mortgage lender went bankrupt in the financial crisis and were sold on, meaning they cannot switch their lender.
The MP spoke from her experience in setting up and co-chairing the All-Party Parliamentary Group On Mortgage Prisoners: “We can’t have a situation continue where people find themselves and their mortgage sold on to a vulture fund that is unregulated and doesn’t have to offer them new deals. That, in our view, means expanding the scope of FCA regulation to bring all organisations that own mortgages into scope so that they can be forced to treat people fairly.
“We needed a structure through which we could be raising the voice of mortgage prisoners in a more constructive way and in an ongoing way.”
As well as Seema Malhotra, the podcast also featured the testimonies of mortgage prisoners and grassroots activists. It explained why mortgage prisoners got into the situation they are in, as well as recent changes to legislation and the work that mortgage prisoner activists and advocates are doing to help mortgage prisoners further.
Listen to the full episode of The Which? Money Podcast by clicking here.