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Mortgage prisoner crowdfunding campaign just short of target

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  • 27/03/2019
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Mortgage prisoner crowdfunding campaign just short of target
Time is running out for a crowdfunding campaign by the UK mortgage prisoners group, which concludes today and remains short of its target.

The group includes a number of mortgage borrowers unable to remortgage away from closed book or other lenders due to affordability constraints or debt issues.

Yesterday, the regulator outlined its intention to consult on whether to change its responsible lending rules to help mortgage prisoners in the final Mortgages Market Study paper.

It reiterated its commitment to helping consumers who have mortgages with inactive firms and cannot switch despite being up-to-date with payments and are not seeking to borrow more.

The group launched a campaign at the beginning of March, with a target of raising £2,500. They want to devote the money towards building a new website, introducing a data management system, rebranding the group’s public image and funding a partnership programme with groups and associations which the organisation believes can help its members.

However, with the crowdfunding campaign finishing at 6pm tonight, at the time of writing it has raised £2,195, around 87 per cent of its target.

To donate to the campaign, head to the UK Mortgage Prisoners page on Crowdfunder.

The campaign is particularly timely, following the FCA’s confirmation that it will consult on its current mortgage rules to try to find a solution for the mortgage prisoner issue.

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