Yesterday, George Eustice, MP for Camborne, Redruth and Hayle called on lenders to provide better protections for customers in a debate that looked at individuals who have been trapped in mortgages and face high fixed interest rates which they experience difficulties in paying.
In the debate, George raised the case of a constituent who had recently attended one of his advice surgeries who had fallen on hard times and was trapped in a high interest rate mortgage.
George said, "Too often there appear cases whereby individuals are trapped in mortgages with ridiculously high interest rates making it impossible for them to get a better rate elsewhere. There should be a statutory obligation on lenders to offer their existing customers a switch to a more affordable product. Failing this there should have a powerful presumption against granting any repossession order where a switch to a different product has been refused."
If you have been affected by a similar scenario or have a case that you would like assistance with, then please do not hesitate to contact George via email at: [email protected] or by phone on: 0207 219 7032/01209 713 355
You can watch a recording of the debate above and a Hansard of the proceedings is also below.
