🏠 How subprime high-interest mortgages which were given out pre-2008 could cause people, now mortgage prisoners, to lose their homes today 🔎 Victoria_Spratt investigates
Mr Clarke says he struggles to get through to anyone at Acenden to get clarity on his situation.
Ms Davey lives alone and works as a PA. She earns £26,000 a year which means her monthly take home pay is £1,740. Recent interest rate hikes have squeezed her finances and, like Mr Clarke, she is on a variable rate. There is a parallel with Mr Clarke’s situation here. SPML never dealt with their borrowers directly, their mortgages were all arranged via third-party brokers.
These layers of complexity and opacity have added to Mr Clarke’s confusion. He may have been duped by his broker.found that three out of five of their mortgages were “liar loans” where borrowers were allowed to self-certify and never asked to prove their income.Ray Boulger . “It does sound like Mr Clarke’s mortgage would have been particularly difficult for him to repay.”
“Under more recent FCA guidelines, Kensington should have offered Mr Clarke a new mortgage deal on the outstanding amount,” Mr Boulger adds. “Though they don’t have the power to enforce that.”
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