Martin Docherty-Hughes MP will today (Monday) introduce a Bill to parliament which aims to address the plight of tens of thousands of families trapped paying extortionate mortgage rates.
An estimated 200,000 people across the UK, including 40,000 Scots, deemed “mortgage prisoners” are thought to be at risk of losing their homes. Many have been stuck on high interest rates since the financial crisis of 2008, unable to switch due to toughened borrowing criteria.
SNP MP Martin is bringing forward a Ten Minute Rule Bill, after previously raising the case in parliament of his constituent Chris from Clydebank who faces losing his family home of 25 years due to soaring interest rates.
In January, during a session of Prime Minister’s Questions, Rishi Sunak had assured West Dunbartonshire MP Martin Docherty-Hughes that the UK government was aware of the difficult situation facing mortgage prisoners and would be taking action.
However, the SNP say the Bill is crucial after the Chancellor failed to introduce measures to tackle the issue in his Spring Statement last week.
Commenting Martin Docherty-Hughes MP said:
“It’s a scandal that the Chancellor’s Spring Budget has, yet again, ignored the plight of tens of thousands of families unfairly trapped on crippling mortgage rates.
“As the UK government sits on its hands having made billions from the sale of closed mortgage books, up to 200,000 mortgage prisoners face losing their homes through no fault of their own.
“The Bill I’m introducing to parliament today aims to finally end the unfair mortgage prisoner cycle and address the failures of successive UK governments.
“I am determined to stand-up for my constituents and all those impacted by this appalling 16-year financial injustice.”
