Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

British MPs are urging the government to intervene and help 170,000 "prisoners" who are trapped it mortgages with high interest rates. Many of the borrowers are lower paid frontline workers, like nurses and hospital workers, who have no choice but to pay up to double the interest they would be charged on a normal competitive mortgage. They cannot re-mortgage to a cheaper deal offered by other lenders due to stricter affordability rules brought in by the Bank of England after they borrowed the money. MPs are now calling on the government to order regulators to investigate the profits firms make from the borrowers. They want the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) to consult and introduce a cap on so-called “standard variable rates”, which will help all borrowers coming out of fixed or discount rate mortgage deals. Hundreds of thousands of borrowers are unable switch mortgages because their loan is too high against the value of their home or because they are now too