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Mortgage prisoners crowdfund for advice site

A mortgage prisoner support group is crowdfunding to launch a new website with information and advice for vulnerable home owners.

UK Mortgage Prisoners is seeking to raise £2,500 by 6pm this evening in order to set up a website to signpost struggling borrowers to mental health and money advice charities.

The group also wants to use the website to help build a database of mortgage prisoners so that those affected can share helpful information and keep in touch.

Yesterday the FCA revealed plans to relax affordability tests for mortgage prisoners who are managing to keep up with current repayments in order to help lenders offer them better deals.

The move was welcomed by the industry and consumer groups, but Treasury select committee chair Nicky Morgan argued the measures were “not a panacea” and warned that families were still at risk of losing their homes in the time it takes for the rules to come into force.

Sean Holland is one of the co-ordinators of the UK Mortgage Prisoners support group.

He took out one of the now-notorious Northern Rock Together mortgages back in 2006 and had his home repossessed last year.

Holland says: “We welcome the changes from the FCA announced yesterday.

“Any forward movement on this issue is positive.

“Unfortunately, it will be too late for many borrowers like myself who have already lost their homes.

“Others are suffering from serious mental health problems and have seen their relationships break down as a result of the pressure they have been under.”

You can visit the group’s crowdfunding page for further information here.

UK Mortgage Prisoners says the money raised will be used to:

  • Build a professional website
  • Put into place a data management system
  • Rebrand the group’s public image
  • Subscribe to the necessary channels and services we need to run the group effectively
  • Develop our partnerships with groups and associations that can help our members

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