Escape for Mortgage Prisoners

August 16th 2021
By: Embrace
Escape for Mortgage Prisoners

At Embrace Financial Services we know some borrowers who have had their mortgage deal for some time yet feel trapped 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 (EFS), 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 reduced (due to job loss, ill health or even as a result of the recent pandemic) and house prices have risen, many in this situation may find that they are unable to borrow enough money to buy another property. Hence they are often called mortgage prisoners.

How you could escape

At EFS 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 EFS 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 EFS for help?

Book an appointment with Embrace Financial Services

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Embrace Financial Services usually charges a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £499 to £999 and this will be discussed and agreed with you at the earliest opportunity.