Brexit could help "mortgage prisoners" negotiate cheaper deals by giving the UK the freedom to abolish the Mortgage Credit Directive's EU, which prevents banks from waiving affordability criteria when considering lending money to existing borrowers. Mortgage prisoners are trapped in high-interest mortgages because of either a damaged credit rating or an inability to pass more stringent affordability checks introduced after the 2008 financial crash. Conservative MP John Glen said the government was looking for a legislative solution to the problem. Ross Boyd, from mortgage platform Dashly, said technology should be used to create personalised loans for specific circumstances.
Brexit could help "mortgage prisoners" negotiate cheaper deals by giving the UK the freedom to abolish the EU's Mortgage Credit Directive, which prevents banks from waiving affordability criteria when considering lending money to existing borrowers. Mortgage prisoners are trapped in high-interest mortgages because of either a damaged credit rating or an inability to pass more stringent affordability checks introduced after the 2008 financial crash. Conservative MP John Glen said the government was looking for a legislative solution to the problem. Ross Boyd, from mortgage platform Dashly, said technology should be used to create personalised loans for specific circumstances.