Mortgages (Switching) Bill

Key Points

• Creates a framework to enable certain mortgage borrowers to switch to a new mortgage arrangement.
• Sets out the processes and requirements to facilitate switching, including information handling and timelines.
• Addresses technology-enabled processes to support switching as part of its policy area.
• Applies to eligible borrowers and the mortgage lenders/providers involved in the switching process.
• Includes connected purposes that relate to the broader regulatory and consumer-protection context.

Progress

The bill is currently at the 2nd reading in the House of Commons. If it progresses, it will typically move to committee stage for detailed consideration.