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MORTGAGE SWITCH GUARANTEE

EDM (Early Day Motion) 2508: tabled on 19 June 2019

Tabled in the 2017-19 session.

This motion has been signed by 33 Members. It has not yet had any amendments submitted.

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.

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.

In addition to the sponsors, the following Members have signed to support the motion.

Stephens, Chris
Scottish National Party
Signed on 20 June 2019
Glasgow South West
Grant, Bill
Conservative
Signed on 20 June 2019
Ayr, Carrick and Cumnock
Gray, Neil
Scottish National Party
Signed on 20 June 2019
Airdrie and Shotts
Robinson, Gavin
Democratic Unionist Party
Signed on 20 June 2019
Belfast East
Cooper, Rosie
Labour
Signed on 24 June 2019
West Lancashire
Cowan, Ronnie
Scottish National Party
Signed on 24 June 2019
Inverclyde
Fovargue, Yvonne
Labour
Signed on 24 June 2019
Makerfield
Wragg, Mr William
Conservative
Signed on 24 June 2019
Hazel Grove
Whitford, Dr Philippa
Scottish National Party
Signed on 24 June 2019
Central Ayrshire
Grady, Patrick
Scottish National Party
Signed on 24 June 2019
Glasgow North
Bottomley, Sir Peter
Conservative
Signed on 24 June 2019
Worthing West
Chapman, Douglas
Scottish National Party
Signed on 25 June 2019
Dunfermline and West Fife
Amess, Sir David
Conservative
Signed on 25 June 2019
Southend West
Godsiff, Mr Roger
Labour
Signed on 26 June 2019
Birmingham, Hall Green
George, Ruth
Labour
Signed on 27 June 2019
High Peak
Malhotra, Seema
Labour
Signed on 27 June 2019
Feltham and Heston
Brown, Alan
Scottish National Party
Signed on 1 July 2019
Kilmarnock and Loudoun
Edwards, Jonathan
Plaid Cymru
Signed on 1 July 2019
Carmarthen East and Dinefwr
Hendry, Drew
Scottish National Party
Signed on 1 July 2019
Inverness, Nairn, Badenoch and Strathspey
Brock, Deidre
Scottish National Party
Signed on 3 July 2019
Edinburgh North and Leith
Western, Matt
Labour
Signed on 3 July 2019
Warwick and Leamington
Lucas, Caroline
Green Party
Signed on 4 July 2019
Brighton, Pavilion
MacNeil, Angus Brendan
Scottish National Party
Signed on 10 July 2019
Na h-Eileanan an Iar
Black, Mhairi
Scottish National Party
Signed on 17 July 2019
Paisley and Renfrewshire South
Gapes, Mike
Change UK - The Independent Group
Signed on 22 July 2019
Ilford South
Crausby, Sir David
Labour
Signed on 24 July 2019
Bolton North East
Moran, Layla
Liberal Democrat
Signed on 9 September 2019
Oxford West and Abingdon

There are no withdrawn signatures for this motion.