First mortgage prisoners FREE below new affordability guidelines following the MSE marketing campaign
Maurice Latimer (pictured right), 76 years old and from Milton Keynes, is one of the first prisoners to be freed. He switched to a new mortgage with West Brom earlier this month and cut his rate on a two-year fixed-rate contract from 4.59% to just 1.84%. As a result, his overnight monthly payments were cut in half from £ 886 to just £ 401 per month – a massive £ 485 / month saving.
Maurice, who previously spoke to Martin about mortgage prisoner policy and is part of the UK Mortgage prisoner Facebook group, took out an interest rate mortgage with Northern Rock in 2001. When Northern Rock collapsed, his mortgage was sold on to a company called Cerberus. He then struggled to get another, partly because he and his wife's combined income was too low to pass some affordability tests – even for cheaper mortgages than what he was – and partly because he was 65 before the end of his tenure Years old.
He told us, "For years all I got was letters telling me what was happening from whoever was responsible for my mortgage, and I basically had no say – I was being passed around like a package. I had tried to switch businesses before but I knew it was a waste of time because of the rigorous affordability checks I couldn't get until West Brom came.
"I found out about the West Brom deal – I think via Facebook – and applied directly, but was initially rejected because of my age because I would be 81 before my mortgage term expired. After a discussion, I was able to do that." exist and get a completion.
"Before that saving for me and my wife, the freedom to do what we wanted with our money was gone. I think I paid £ 10,000 more than I should have paid and it has nothing to do with me – it's not my fault at all. "
However, Maurice said that while he is relieved to have moved on to a new deal, more intervention is needed to help many of those doing expensive deals.
"Banks and building societies can do what they can to help – as West Brom did – but it's sticking," he said. "There has to be big changes and the Treasury has to face the problem."