Which? response to the Council of Mortgage Lenders’ data out today

In response to the Council of Mortgages Lenders’  figures released today, Which? executive director Richard Lloyd said:

“While it is a welcome sign that lending to first-time buyers has increased, the drop in remortgages shows that more needs to be done to help the millions of mortgage prisoners trapped on their bank’s Standard Variable Rate and are unable to switch.

“We want to see more transparency about how the cheap finance from Funding for Lending is being used and clearer rules to ensure more borrowers can benefit, not just those with significant equity in their homes or the biggest deposits.”

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