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UK Mortgage Prisoners: A Rapid Thematic Report on Key Workers.

Project: Research


This is a rapid thematic report which was written at the request of APPG Mortgage Prisoners for the purpose of an emergency parliamentary debate.

Layperson's description

n March 2020, UK Mortgage Prisoners submitted a COVID-19 report to Government and subsequently to the Treasury Select Committee as evidence of the additional financial hardship and emotional stress mortgage prisoners would incur by the recent pandemic and financial crisis. Yet, as lockdown was announced, things took a more sinister turn for mortgage prisoners. It became apparent that many of our members are Key Workers. Whilst the nation was being asked to ‘Stay Home’ to ‘Save Lives’, they were being asked to work on the front line, literally ‘saving lives’. Our Key Workers having been trapped paying interest rates, way beyond market rates, as a direct result of the 2008 global financial crisis, the nationalisation of high street banks, and the subsequent sale of their homes to book holders with no licence or intention to lend. While the nation clapped for Key Workers every Thursday evening in admiration, they were risking all to fulfil their vocations whilst also feeling forced to do so to keep a roof over their heads. This brief report has emerged as a result of a survey distributed to Key Workers who are members of UK Mortgage Prisoners. We hope you share our dismay at the continued neglect of all mortgage prisoners after twelve years of indifference. But we particularly hope that you are touched by the hardship that our Key Workers have had to endure, and that this will inspire you to take proactive and immediate action to find appropriate solutions.

Key findings

Many of these Key Workers have paid 5% interest rates on their homes for the last twelve years. This is comparable to market rates of between 1% – 2%. They have not benefited from the record low rates that were implemented following the financial crisis of 2008 to support the nation through a decade of austerity and the job losses and business bankruptcies that followed in its wake. Watching the widespread financial support being provided during the current financial crisis has been a bitter pill to swallow. For many years, they have been blamed for being ill prepared, told that buying a mortgage is the risk you take. Yet, whilst they
are asked to risk their lives, and that of their families – making huge sacrifices – they continue to be financially exploited without any choice as their job is vocational but also necessary to pay the crippling interest rates to keep the roof over their heads.
Short titleThematic Report
Effective start/end date16/04/2010/06/20