Motion text
That this House notes the considerable loyalty penalty within the mortgage market as identified by the Financial Conduct Authority (FCA) and Competition and Markets Authority (CMA) that sees at least 800,000 overpay on their mortgage by £1,000 a year; further notes that such figures may understate the scale of the problem and the potential savings that greater clarity and ease of switching will bring as identified by Trussle’s Mortgage Saver Review; recognises the work to bring forward a Mortgage Switch Guarantee, which advocates the following three simple commitments from lenders: to display the true cost of a mortgage's initial rate period, to show borrowers key information online or via SMS and to contact borrowers three months before their initial rate period ends; observes that the Mortgage Switch Guarantee would ensure a higher standard of transparency from lenders at each step of the home ownership journey; and calls on the FCA and Government to mandate such commitments across the mortgage industry.
Signatures (33)
The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.
Blackman, Kirsty
Scottish National Party
Signed on
19 June 2019
Farrelly, Paul
Labour
Signed on
20 June 2019
Cunningham, Mr Jim
Labour
Signed on
20 June 2019
Shannon, Jim
Democratic Unionist Party
Signed on
20 June 2019
Gaffney, Hugh
Labour
Signed on
20 June 2019
Blackford, Ian
Scottish National Party
Signed on
20 June 2019
In addition to the sponsors, the following Members have signed to support the motion.
Stephens, Chris
Scottish National Party
Signed on
20 June 2019
Grant, Bill
Conservative
Signed on
20 June 2019
Gray, Neil
Scottish National Party
Signed on
20 June 2019
Robinson, Gavin
Democratic Unionist Party
Signed on
20 June 2019
Cooper, Rosie
Labour
Signed on
24 June 2019
Cowan, Ronnie
Scottish National Party
Signed on
24 June 2019
Fovargue, Yvonne
Labour
Signed on
24 June 2019
Wragg, Mr William
Conservative
Signed on
24 June 2019
Whitford, Dr Philippa
Scottish National Party
Signed on
24 June 2019
Grady, Patrick
Scottish National Party
Signed on
24 June 2019
Bottomley, Sir Peter
Conservative
Signed on
24 June 2019
Chapman, Douglas
Scottish National Party
Signed on
25 June 2019
Amess, Sir David
Conservative
Signed on
25 June 2019
Godsiff, Mr Roger
Labour
Signed on
26 June 2019
George, Ruth
Labour
Signed on
27 June 2019
Malhotra, Seema
Labour
Signed on
27 June 2019
Brown, Alan
Scottish National Party
Signed on
1 July 2019
Edwards, Jonathan
Plaid Cymru
Signed on
1 July 2019
Hendry, Drew
Scottish National Party
Signed on
1 July 2019
Brock, Deidre
Scottish National Party
Signed on
3 July 2019
Western, Matt
Labour
Signed on
3 July 2019
Lucas, Caroline
Green Party
Signed on
4 July 2019
MacNeil, Angus Brendan
Scottish National Party
Signed on
10 July 2019
Black, Mhairi
Scottish National Party
Signed on
17 July 2019
Gapes, Mike
Change UK - The Independent Group
Signed on
22 July 2019
Crausby, Sir David
Labour
Signed on
24 July 2019
Moran, Layla
Liberal Democrat
Signed on
9 September 2019
There are no withdrawn signatures for this motion.