The Mortgage Switch Guarantee goes to Parliament
MPs champion the Mortgage Switch Guarantee in Westminster
The Shadow City Minister Jonathan Reynolds kindly sponsored the event to champion the campaign to fellow MPs, the mortgage industry and the regulator.
This follows the Early Day Motion lodged by the SNP Economic Spokesperson, Kirsty Blackman which has secured support from all political parties across Parliament.
MPs Support the Campaign
During his speech Mr Reynolds threw his full support behind the campaign stating that this is “crucial” and “the kind of thing that frankly we need to see more of.”
Mr Reynolds, who’s saving £150 a month after switching mortgages with Trussle, described the number of people whose mortgages have lapsed onto their lenders’ SVR as a “genuine issue”. He called on the financial sector to “work better to serve our people”.
Nothing Standard about the SVR
Atom Bank’s Director of Lending, Maria Harris, called for an end to the term ‘Standard Variable Rate’ and said that “there is nothing standard about falling onto a lender’s default rate”.
Call for better and smarter regulation
Morgan Wild, Senior Policy Researcher at Citizens Advice, added that we need “better, smarter regulation to stop people falling onto SVRs”.
We need to make mortgages fairer
Trussle founder and CEO, Ishaan Malhi, said that mortgages are one of the biggest and longest-serving injustices facing consumers today.
“One in four mortgage holders are sitting on an expensive and arbitrary Standard Variable Rate, which is £375 a month per household, or £25 million per day, on aggregate,” he said.
“This costs British homeowners £9 billion every single year, not to mention the stress, anxiety and missed opportunities that coexist with unfair treatment. It’s crucial to put pressure on providers to make mortgage switching fairer.”
Do you agree? Support the Mortgage Switch Guarantee.