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Escape for Mortgage Prisoners

Posted 2/03/2023 by Embrace Financial Services
Sofa and plant

At Embrace Financial Services we know some borrowers who feel trapped in their mortgage deal and unable to take advantage of new deals on offer - considering themselves mortgage prisoners.  Sometimes it’s for good reason but, at Embrace Financial Services, we’ll do our best to help you escape.  

When the sentence, for some, began

For some the plight of being a ‘mortgage prisoner’ began in 2008, when the financial crisis hit, and when their mortgage lender may have ceased trading and the mortgage loans they’d secured were sold on to investment firms. In turn some of these firms started to charge them high interest rates on their loan and, because there was no alternative available, led some existing borrowers to build up greater debt, a bad credit score and subsequently reduced their chances of gaining a mortgage from elsewhere.

The impact

As time has moved on, and perhaps their finances have increased (due to the cost of living crisis) and house prices have risen, many in this situation may find that they are unable to borrow enough money to buy another property and are stuck in their current deal. Hence they are often called mortgage prisoners.

How you could escape

At Embrace we are well aware of the predicament and whilst individual lenders may be willing to help, it’s often worth considering as many options as possible. At Embrace, we can review your individual circumstances and then access a wide range of products before recommending suitable lenders. This could include specialist lenders who may be more willing to handle complex cases and who, with our support, will be more willing to lend.

So, if you are worried about finding a mortgage, and feel unsure what to do next, why not turn to Embrace for help?

Book an appointment

Your initial mortgage appointment is without obligation. We normally charge a fee for our services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but our standard fee is £549. Complex cases usually attract a higher fee. We will discuss and agree the fee with you prior to submitting any mortgage application.

Please be aware that the information provided within these archives has been pre-published, as of the date published on each article. The information contained within, including references to taxation, legislation, regulation, or any other issues or concerns may no longer apply.

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