Barclays and Lloyds pass on full rate rise to mortgage prisoners despite others hitting pause

home owners who are already paying average rates of over 7 per cent.

Others may not realise their deal has ended and that they can remortgage onto a relatively cheaper rate., SVR borrowers have faced some of the steepest rises. Mortgage prisoners are in the worst of all worlds, facing unaffordable monthly repayments but unable to switch to new mortgage deals, or to sell up if they are in negative equity. In some extreme examples, prisoners have told this paper that they are having to cut down on how much they eat to afford their mortgages.

Darryl Dhoffer, adviser for The Mortgage Expert, says there is nothing standard about standard variable rates and changes are down to the luck of which lender you happen to be with.he warns this doesn’t help borrowers who can’t remortgage such as mortgage prisoners“SVR rates are normally set by the lender, and end to be between 2 per cent and 5 per cent above the Bank of England Base rate – that said not all lenders will pass these rates changes on immediately,” says Dhoffer.

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