LSE Mortgage Prisoner report

The Government Guaranteeing the debt sounds great on paper but it would be difficult to get lenders on board with this. The mortgage prisoners I have come into contact with lately have been worse impacted by the rate hikes and it is concerning. Surely there needs to be some kind of cap in place for some of the variable rates these prisoners are sitting on whilst still being unable to be mortgaged elsewhere or even opt for a new product... there is money being paid on these lending sold books and I don't think its fair. I couldn't think of anything worse than being trapped in this financial mess and I feel for those in this position. The fact that there is profiteering here is very unfair when it was the profiteering from some of the banks that got them there in the first place. Limit the rates being charged!!

By any measure, arranging comprehensive, individual financial advice for nearly 200,000 borrowers is a monumental task. However, it is doable. The government should use the excess funds from loan sales to engage the services of qualified financial service professionals to help manage the caseload in a timely manner. Extra training may be required for those assisting the prisoners, as many of them have had traumatic experiences up to this point. It is unfortunate that this situation could have arisen in the first place, and it is certainly a government failing that must be addressed immediately.