Recently, a landmark report on mortgage prisoners published by the London School of Economics (LSE), revealed the extent of the issue.
The report highlighted the need to take action for 250,000 people trapped in a mortgage which is unaffordable.
The research, which was also commissioned by MoneySavingExpert.com, showed mortgage prisoners are up to 40 percent more likely to default due to coronavirus, when compared to other borrowers.
Martin Lewis, founder of MoneySavingExpert.com, commented on the matter, stating: “Maurice’s tale brought a big smile to my face. For years we pounded at the doors of politicians and regulators to tell them that remortgaging affordability criteria were simply illogical and unfair.
“These meant some people who were meeting current repayments, but wanted to shift to a lower rate were nonsensically having to be rejected and told ‘you can’t afford a cheaper deal’.
“Finally, in 2019, the regulator changed the rules so lenders no longer needed to operate this way.