The UK government has recently announced that it has generated a £2.4bn surplus from the sale of its mortgage prisoner portfolio. This is a significant amount of money and is a testament to the government’s commitment to helping those in financial difficulty.
Mortgage prisoners are individuals who are unable to switch their mortgage to a better deal due to the terms of their existing mortgage. This can be due to having a loan with a lender that no longer offers mortgages, or because the borrower does not meet the criteria for a new deal. This can leave borrowers stuck in an expensive mortgage with no way out.
The UK government has been working to help these mortgage prisoners by selling off its portfolio of mortgages. This has allowed borrowers to switch to more affordable deals and has generated a £2.4bn surplus for the government. This money will be used to fund other initiatives that help those in financial difficulty, such as debt advice services and support for those facing repossession.
The sale of the mortgage prisoner portfolio is a positive step forward for the UK government and shows its commitment to helping those in financial difficulty. It is hoped that this money will be used to help those in need and provide them with the support they need to get back on their feet.