‘Mortgage prisoners’ are people who don’t meet the mortgage affordability test and are unable to re-mortgage, despite currently paying higher rates. This situation leaves many trapped having to pay more for their mortgages than those that are financially better off. This is an unacceptable situation for the estimated 200,000 ‘mortgage prisoners’ suffering real financial hardship in the UK.

I have joined the All Party Parliamentary Group on Mortgage Prisoners to add my support to find a solution to this issue, which affects many of my constituents in St Helens North.

The Financial Conduct Authority has published a consultation paper, which includes proposals to help those trapped in this awful situation. This is to be welcomed, but the plans to change mortgage affordability rules are currently optional for mortgage providers, not an obligation. Voluntary agreements are a step forward, but more must be done.