Mortgages  

Lenders commit to helping mortgage prisoners

He said: "Many borrowers have effectively become mortgage prisoners because they do not meet affordability criteria.

"The irony is that these borrowers have been making their mortgage payments on time every month, yet have not been able to move onto a cheaper deal because they are deemed not to be able to afford it - these changes will ensure that borrowers who could not switch can now take advantage of lower rates."

rachel.addison@ft.com