'Mortgage prisoners' trapped on expensive home loans to protest outside FCA.

“Mortgage prisoners” who have overpaid thousands of pounds after being trapped in rip-off home loans for years are to protest outside the City watchdog on Friday.

The protestors are fighting for around 200,000 homeowners paying mortgage interest far in excess of the base rate, with no option to move because of changes to banking rules.

A number of homeowners face having their houses repossessed in the run-up Christmas after so-called vulture funds bought up their mortgages and hiked their monthly repayments without any consultation. Many have experienced depression and stress-related illnesses as a result of their ordeals.

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Rachel Neale, who runs campaign group UK Mortgage Prisoners, said the situation was becoming “desperate” for some people and she was aware of at least one mortgage prisoner who had taken their own life.

The group is demanding action from the Financial Conduct Authority (FCA), which they say has so far done nothing to help them. Most of those affected bought their homes before the financial crash in 2007-8 and have since been told they are not allowed to remortgage because they do not meet stricter affordability checks that were subsequently introduced.

UK news in pictures

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4 December 2019
3 December 2019
2 December 2019
1 December 2019

UK news in pictures

4 December 2019

1/50 4 December 2019

The Christmas tree in Trafalgar Square, which is given every year by the city of Oslo as a token of Norwegian gratitude to the people of London for their assistance during the Second World War

PA

3 December 2019

2/50 3 December 2019

Protesters against the visit of US President Trump during a demonstration near Buckingham Palace on the first day of the Nato Summit in London

EPA

2 December 2019

3/50 2 December 2019

England captain Joe Root celebrates reaching his double century during day 4 of the second Test match against New Zealand at Seddon Park in Hamilton, New Zealand

Getty

1 December 2019

4/50 1 December 2019

A hard frost is seen on the first day of the meteorological winter in Pitlochry, Scotland

Reuters

30 November 2019

5/50 30 November 2019

A police officer looks at flowers left at London Bridge in central London, after a terrorist wearing a fake suicide vest who went on a knife rampage killing two people, and was shot dead by police

PA

29 November 2019

6/50 29 November 2019

School children and students take part in the Youth Strike for Climate in London as part of the Fridays for Future Global Climate Strike

Angela Christofilou/The Independent

28 November 2019

7/50 28 November 2019

Cyclists make their way up a tree lined hill near to Moor Crichel in Dorset. November's dismal weather will finally change, with drier and colder conditions coming for the start of December, forecasters have said

PA

27 November 2019

8/50 27 November 2019

The moment a swan flew over a flock of 60,000 starlings as dusk fell on Whixall Moss Nature Reserve in Shropshire

Andrew Fusek Peters / SWNS

26 November 2019

9/50 26 November 2019

SNP leader Nicola Sturgeon plays with local children during a visit to the Jelly Tots & Cookies Play Cafe in Uddingston, South Lanarkshire

PA

25 November 2019

10/50 25 November 2019

Prime Minister Boris Johnson poses with sheep as he visits the Royal Welsh Showground, in Llanelwedd, Builth Wells, whilst on the General Election campaign trail

PA

24 November 2019

11/50 24 November 2019

Cush Jumbo attends the 65th Evening Standard Theatre Awards at London Coliseum

Getty Images

23 November 2019

12/50 23 November 2019

Labour Party leader Jeremy Corbyn meets a supporter on a train on his return from a visit to Sheffield

PA

22 November 2019

13/50 22 November 2019

Gallery assistants adjust 'The Ancient Town of Uglich' by Konstantin Yuon, 1913, estimated at £600,000 to £800,000, during a press preview of the sale of works by some of the most pre-eminent creators of Russian art at Sotheby's in London

PA

21 November 2019

14/50 21 November 2019

A mother seal appears to hug her pup as grey seals return to Donna Nook National Nature Reserve in Lincolnshire, where they come every year in late autumn and winter to give birth

PA

20 November 2019

15/50 20 November 2019

After Mauricio Pochettino's sacking the eveninfg before newly appointed Tottenham head coach, Jose Mourinho, takes his first training session in charge

Tottenham Hotspur FC via Getty

19 November 2019

16/50 19 November 2019

Prime Minister Boris Johnson during a visit to Jimmy Egan's Boxing Academy at Wythenshawe, while on the campaign trail ahead of the General Election

PA

18 November 2019

17/50 18 November 2019

Mist over Buttermere lake in the Lake District

PA

17 November 2019

18/50 17 November 2019

Stefanos Tsitsipas lifts the winners trophy after beating Dominic Thiem at the ATP World Tour Finals tennis tournament in London

EPA

16 November 2019

19/50 16 November 2019

Duke of York, speaking for the first time about his links to Jeffrey Epstein in an interview with BBC Newsnight's Emily Maitlis

BBC/PA

15 November 2019

20/50 15 November 2019

Brazilian indigenous leader, Kreta Kaingang from the Kaingang People, holds a petition letter with over 200,000 signatures asking the UK government to suspend trade talks with Brazil until the Amazon and its people are protected, as he poses outside 10 Downing Street

AFP via Getty

14 November 2019

21/50 14 November 2019

Spanning all four spaces and the corridor of the White Cube Bermondsey gallery Anselm Kiefer's new exhibition encompasses large-scale painting and installation

Rex Features

13 November 2019

22/50 13 November 2019

Labour leader Jeremy Corbyn wears a pair of mittens that say 'Pick Pam', referring to Labour MP Pam Duncan-Glancy (not pictured) as he visits the Heart of Scotstoun Community Centre in Glasgow

Getty

12 November 2019

23/50 12 November 2019

Head glass conservator Sam Kelly inspects the Angeli Laudantes and Angeli Ministrantes stained glass windows at Salisbury Cathedral as restoration work to clean, conserve and restore the windows, installed in 1879, gets underway

PA

11 November 2019

24/50 11 November 2019

Flooding in the village of Fishlake near Doncaster after a month's worth of rain fell in 24 hours

PA

10 November 2019

25/50 10 November 2019

World War II Supermarine Spitfire fighter performs a flyover over White Cliffs of Dover during Remembrance Sunday celebrations

Reuters

9 November 2019

26/50 9 November 2019

Snow falling in Glyn Ceiriog near Llangollen in Denbighshire

Steffan Williams/PA

8 November 2019

27/50 8 November 2019

Scottish National Party candidates, including SNP Westminster leader Ian Blackford (centre left) and Nicola Sturgeon (centre), with a Brexit message at the party's General Election campaign launch in Edinburgh

PA

7 November 2019

28/50 7 November 2019

Delivery lorry stuck in flood water at Coston Ford, Leicestershire after heavy rainfall in the area

PA

6 November 2019

29/50 6 November 2019

British Prime Minister Boris Johnson makes a statement to announce the general election at Downing Street in London, Britain

Reuters

5 November 2019

30/50 5 November 2019

Liberal Democrat leader Jo Swinson speaking at the launch of their general election campaign at the Institute of Civil Engineers in London

PA

4 November 2019

31/50 4 November 2019

Pelicans in St James's Park in central London

AFP/Getty

3 November 2019

32/50 3 November 2019

Dancers perform a mass Ghoomar dance during Diwali celebrations in Trafalgar Square, London

Reuters

2 November 2019

33/50 2 November 2019

Campaigners listen as SNP leader Nicola Sturgeon addresses a rally calling for Scottish independence in Glasgow

AFP via Getty

1 November 2019

34/50 1 November 2019

Police and recovery workers remove a damaged bus from the scene of a crash in Sevenoaks Road, south-east London. A man has been arrested on suspicion of causing death by dangerous driving after a person died and 15 others were injured

PA

31 October 2019

35/50 31 October 2019

Labour Party leader Jeremy Corbyn gestures as launches the party's election campaign in south London. Britain will go to the polls on December 12

AFP via Getty

30 October 2019

36/50 30 October 2019

SNP leader Nicola Sturgeon joins Alyn Smith, the SNP's candidate for Stirling, at the Made in Stirling Store and Creative Hub, during the general election campaign trail

PA

29 October 2019

37/50 29 October 2019

A 1264 locomotive travels through an autumn scene along the North York Moors National Park

PA

28 October 2019

38/50 28 October 2019

Paul Hayes of Lower Lydbrook ferries children to dry land after the River Wye burst its banks flooding the Gloucestershire village

PA

27 October 2019

39/50 27 October 2019

Cosplayers during the third day of London's Comic Con

PA

26 October 2019

40/50 26 October 2019

England fans celebrate after their side beat New Zealand in the Rugby World Cup semi-final match in Japan. Eddie Jones’s side won 19-7

PA

25 October 2019

41/50 25 October 2019

Meerkats at Blair Drummond Safari Park, Stirling, investigate a carved pumpkin as the park celebrates national pumpkin day on Saturday October 26.

PA

24 October 2019

42/50 24 October 2019

A giant inflatable monster, created by artists Filthy Luker and Pedro Estrellas, is unveiled in Manchester ahead of the city's annual halloween celebrations

PA

23 October 2019

43/50 23 October 2019

Thirty-nine bodies have been found in a lorry container in Essex, police have said. The discovery of 38 adults and one teenager was made at an industrial estate in Thurrock. Police said they believed the lorry had come from Bulgaria and entered the UK at Holyhead, in Wales, on Saturday. Essex Police said it had launched a murder investigation after its officers were called to Waterglade Industrial Park, in Grays, in the early hours of Wednesday morning. A 25-year-old-man from Northern Ireland has been arrested on suspicion of murder

PA

22 October 2019

44/50 22 October 2019

Ships out at sea before the sun rises off the coast of Whitley Bay, Northumberland

PA

21 October 2019

45/50 21 October 2019

Hundreds of students take part in the traditional Raisin Monday foam fight on St Salvator's Lower College Lawn at the University of St Andrews in Fife. The messy display is the culmination of a weekend of festivities where first years say thank you to their more senior student "parents" for mentoring them

PA

20 October 2019

46/50 20 October 2019

Wales players celebrate after beating France in their Rugby World Cup quarter-final in Japan. Warren Gatland’s side had to battle after France’s fast start but capitalised on their rivals’ ill discipline to squeeze into the semi-finals, 20-19

Reuters

19 October 2019

47/50 19 October 2019

People gather in London to join the Final Say march for a people's vote

Angela Christofilou/The Independent

18 October 2019

48/50 18 October 2019

Protesters on Whitehall in London during an Extinction Rebellion climate change protest

PA

17 October 2019

49/50 17 October 2019

European Commission President Jean-Claude Juncker and Britain's Prime Minister Boris Johnson shake hands during a news conference after agreeing on a Brexit deal, in Brussels

Reuters

16 October 2019

50/50 16 October 2019

A man walks his dog through the fallen leaves in Clarkes Gardens, Allerton in Liverpool

PA

4 December 2019

1/50 4 December 2019

The Christmas tree in Trafalgar Square, which is given every year by the city of Oslo as a token of Norwegian gratitude to the people of London for their assistance during the Second World War

PA

3 December 2019

2/50 3 December 2019

Protesters against the visit of US President Trump during a demonstration near Buckingham Palace on the first day of the Nato Summit in London

EPA

2 December 2019

3/50 2 December 2019

England captain Joe Root celebrates reaching his double century during day 4 of the second Test match against New Zealand at Seddon Park in Hamilton, New Zealand

Getty

1 December 2019

4/50 1 December 2019

A hard frost is seen on the first day of the meteorological winter in Pitlochry, Scotland

Reuters

30 November 2019

5/50 30 November 2019

A police officer looks at flowers left at London Bridge in central London, after a terrorist wearing a fake suicide vest who went on a knife rampage killing two people, and was shot dead by police

PA

29 November 2019

6/50 29 November 2019

School children and students take part in the Youth Strike for Climate in London as part of the Fridays for Future Global Climate Strike

Angela Christofilou/The Independent

28 November 2019

7/50 28 November 2019

Cyclists make their way up a tree lined hill near to Moor Crichel in Dorset. November's dismal weather will finally change, with drier and colder conditions coming for the start of December, forecasters have said

PA

27 November 2019

8/50 27 November 2019

The moment a swan flew over a flock of 60,000 starlings as dusk fell on Whixall Moss Nature Reserve in Shropshire

Andrew Fusek Peters / SWNS

26 November 2019

9/50 26 November 2019

SNP leader Nicola Sturgeon plays with local children during a visit to the Jelly Tots & Cookies Play Cafe in Uddingston, South Lanarkshire

PA

25 November 2019

10/50 25 November 2019

Prime Minister Boris Johnson poses with sheep as he visits the Royal Welsh Showground, in Llanelwedd, Builth Wells, whilst on the General Election campaign trail

PA

24 November 2019

11/50 24 November 2019

Cush Jumbo attends the 65th Evening Standard Theatre Awards at London Coliseum

Getty Images

23 November 2019

12/50 23 November 2019

Labour Party leader Jeremy Corbyn meets a supporter on a train on his return from a visit to Sheffield

PA

22 November 2019

13/50 22 November 2019

Gallery assistants adjust 'The Ancient Town of Uglich' by Konstantin Yuon, 1913, estimated at £600,000 to £800,000, during a press preview of the sale of works by some of the most pre-eminent creators of Russian art at Sotheby's in London

PA

21 November 2019

14/50 21 November 2019

A mother seal appears to hug her pup as grey seals return to Donna Nook National Nature Reserve in Lincolnshire, where they come every year in late autumn and winter to give birth

PA

20 November 2019

15/50 20 November 2019

After Mauricio Pochettino's sacking the eveninfg before newly appointed Tottenham head coach, Jose Mourinho, takes his first training session in charge

Tottenham Hotspur FC via Getty

19 November 2019

16/50 19 November 2019

Prime Minister Boris Johnson during a visit to Jimmy Egan's Boxing Academy at Wythenshawe, while on the campaign trail ahead of the General Election

PA

18 November 2019

17/50 18 November 2019

Mist over Buttermere lake in the Lake District

PA

17 November 2019

18/50 17 November 2019

Stefanos Tsitsipas lifts the winners trophy after beating Dominic Thiem at the ATP World Tour Finals tennis tournament in London

EPA

16 November 2019

19/50 16 November 2019

Duke of York, speaking for the first time about his links to Jeffrey Epstein in an interview with BBC Newsnight's Emily Maitlis

BBC/PA

15 November 2019

20/50 15 November 2019

Brazilian indigenous leader, Kreta Kaingang from the Kaingang People, holds a petition letter with over 200,000 signatures asking the UK government to suspend trade talks with Brazil until the Amazon and its people are protected, as he poses outside 10 Downing Street

AFP via Getty

14 November 2019

21/50 14 November 2019

Spanning all four spaces and the corridor of the White Cube Bermondsey gallery Anselm Kiefer's new exhibition encompasses large-scale painting and installation

Rex Features

13 November 2019

22/50 13 November 2019

Labour leader Jeremy Corbyn wears a pair of mittens that say 'Pick Pam', referring to Labour MP Pam Duncan-Glancy (not pictured) as he visits the Heart of Scotstoun Community Centre in Glasgow

Getty

12 November 2019

23/50 12 November 2019

Head glass conservator Sam Kelly inspects the Angeli Laudantes and Angeli Ministrantes stained glass windows at Salisbury Cathedral as restoration work to clean, conserve and restore the windows, installed in 1879, gets underway

PA

11 November 2019

24/50 11 November 2019

Flooding in the village of Fishlake near Doncaster after a month's worth of rain fell in 24 hours

PA

10 November 2019

25/50 10 November 2019

World War II Supermarine Spitfire fighter performs a flyover over White Cliffs of Dover during Remembrance Sunday celebrations

Reuters

9 November 2019

26/50 9 November 2019

Snow falling in Glyn Ceiriog near Llangollen in Denbighshire

Steffan Williams/PA

8 November 2019

27/50 8 November 2019

Scottish National Party candidates, including SNP Westminster leader Ian Blackford (centre left) and Nicola Sturgeon (centre), with a Brexit message at the party's General Election campaign launch in Edinburgh

PA

7 November 2019

28/50 7 November 2019

Delivery lorry stuck in flood water at Coston Ford, Leicestershire after heavy rainfall in the area

PA

6 November 2019

29/50 6 November 2019

British Prime Minister Boris Johnson makes a statement to announce the general election at Downing Street in London, Britain

Reuters

5 November 2019

30/50 5 November 2019

Liberal Democrat leader Jo Swinson speaking at the launch of their general election campaign at the Institute of Civil Engineers in London

PA

4 November 2019

31/50 4 November 2019

Pelicans in St James's Park in central London

AFP/Getty

3 November 2019

32/50 3 November 2019

Dancers perform a mass Ghoomar dance during Diwali celebrations in Trafalgar Square, London

Reuters

2 November 2019

33/50 2 November 2019

Campaigners listen as SNP leader Nicola Sturgeon addresses a rally calling for Scottish independence in Glasgow

AFP via Getty

1 November 2019

34/50 1 November 2019

Police and recovery workers remove a damaged bus from the scene of a crash in Sevenoaks Road, south-east London. A man has been arrested on suspicion of causing death by dangerous driving after a person died and 15 others were injured

PA

31 October 2019

35/50 31 October 2019

Labour Party leader Jeremy Corbyn gestures as launches the party's election campaign in south London. Britain will go to the polls on December 12

AFP via Getty

30 October 2019

36/50 30 October 2019

SNP leader Nicola Sturgeon joins Alyn Smith, the SNP's candidate for Stirling, at the Made in Stirling Store and Creative Hub, during the general election campaign trail

PA

29 October 2019

37/50 29 October 2019

A 1264 locomotive travels through an autumn scene along the North York Moors National Park

PA

28 October 2019

38/50 28 October 2019

Paul Hayes of Lower Lydbrook ferries children to dry land after the River Wye burst its banks flooding the Gloucestershire village

PA

27 October 2019

39/50 27 October 2019

Cosplayers during the third day of London's Comic Con

PA

26 October 2019

40/50 26 October 2019

England fans celebrate after their side beat New Zealand in the Rugby World Cup semi-final match in Japan. Eddie Jones’s side won 19-7

PA

25 October 2019

41/50 25 October 2019

Meerkats at Blair Drummond Safari Park, Stirling, investigate a carved pumpkin as the park celebrates national pumpkin day on Saturday October 26.

PA

24 October 2019

42/50 24 October 2019

A giant inflatable monster, created by artists Filthy Luker and Pedro Estrellas, is unveiled in Manchester ahead of the city's annual halloween celebrations

PA

23 October 2019

43/50 23 October 2019

Thirty-nine bodies have been found in a lorry container in Essex, police have said. The discovery of 38 adults and one teenager was made at an industrial estate in Thurrock. Police said they believed the lorry had come from Bulgaria and entered the UK at Holyhead, in Wales, on Saturday. Essex Police said it had launched a murder investigation after its officers were called to Waterglade Industrial Park, in Grays, in the early hours of Wednesday morning. A 25-year-old-man from Northern Ireland has been arrested on suspicion of murder

PA

22 October 2019

44/50 22 October 2019

Ships out at sea before the sun rises off the coast of Whitley Bay, Northumberland

PA

21 October 2019

45/50 21 October 2019

Hundreds of students take part in the traditional Raisin Monday foam fight on St Salvator's Lower College Lawn at the University of St Andrews in Fife. The messy display is the culmination of a weekend of festivities where first years say thank you to their more senior student "parents" for mentoring them

PA

20 October 2019

46/50 20 October 2019

Wales players celebrate after beating France in their Rugby World Cup quarter-final in Japan. Warren Gatland’s side had to battle after France’s fast start but capitalised on their rivals’ ill discipline to squeeze into the semi-finals, 20-19

Reuters

19 October 2019

47/50 19 October 2019

People gather in London to join the Final Say march for a people's vote

Angela Christofilou/The Independent

18 October 2019

48/50 18 October 2019

Protesters on Whitehall in London during an Extinction Rebellion climate change protest

PA

17 October 2019

49/50 17 October 2019

European Commission President Jean-Claude Juncker and Britain's Prime Minister Boris Johnson shake hands during a news conference after agreeing on a Brexit deal, in Brussels

Reuters

16 October 2019

50/50 16 October 2019

A man walks his dog through the fallen leaves in Clarkes Gardens, Allerton in Liverpool

PA

This leaves homeowners effectively being told by banks that they must stay on an expensive one because they cannot technically afford a cheaper one, according to the rules.

As interest rates have plummeted and remained near historic lows, thousands of consumers have been left paying thousands of pounds in additional interest and are unable to move home.

Problems have been exacerbated recently for some mortgage prisoners whose repayments have been hiked after their loans were bought up by “vulture funds”.

The funds, including Cerberus Capital Management and Heliodor, invest in debt considered to be high risk. But many mortgage prisoners believe they are not high-risk as they have exemplary repayment records.

The FCA says it has now powers to act because the vulture funds, unlike banks, building societies and many other financial services firms, are unregulated. The watchdog announced new rules in October allowing some mortgage prisoners to switch to loans at market rates, but they only apply to a minority of cases where the loans are owned by regulated firms.

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Watch more

Members of UK Mortgage Prisoners will protest outside the FCA’s offices in Stratford between 11am and 4pm on Friday 6 December as part of a wider group of victims of banking scandals.

Alongside them will be savers who lost thousands of pounds by investing in London Capital & Finance, a company that collapsed in January after mis-selling £236m of mini-bonds.

Also protesting will be former customers of Lloyds Banking Group who say their businesses and lives were ruined after the lender suddenly hiked interest rates sharply.

The protest will further ramp up pressure on FCA boss Andrew Bailey, who has faced criticism for the regulator’s response to a number of scandals.

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