Citizens Advice says new mortgage report "exposes the scale of the loyalty penalty for mortgage customers"
Citizens Advice has responded to the Financial Conduct Authority's new report on the mortgage market.
Gillian Guy, Chief Executive of Citizens Advice, said:
“The FCA have exposed the scale of the loyalty penalty for mortgage customers, with loyal customers paying an unacceptable £1,000 more a year. Their findings chime with Citizens Advice research that shows older people and those on low incomes likely to pay over the odds.
“Home owners should not be penalised for their loyalty and face steep price hikes once their deals expire. We look forward to working with the FCA to ensure their remedies address this.”
Notes to editors
- The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
- The advice provided by the Citizens Advice service is free, independent, confidential and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
- Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.
- Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.