FCA response to Mortgage Lenders' commitment to help longstanding borrowers

In our Mortgages Market Study Interim Report we sought views on whether and how to enable customers on an active lender’s reversion rate to switch to a better deal in certain circumstances – including whether this could be achieved through a voluntary agreement. We welcome this initiative by UK Finance, the Building Societies Association and the Intermediary Mortgage Lenders Association to respond to that challenge. We will work closely with industry to discuss the detail of this arrangement and monitor the impact it will have. We will also continue to work with industry to identify solutions for borrowers who have mortgages with inactive firms and any active lenders not signed up to this agreement.