Report Plan to free 'mortgage prisoners' revealed by FCA in House prices and the economy Posted January 11, 2019 12 hours ago, Ah-so said: Obviously not literally retrospective, but when these people took out their mortgages originally they would have assumed that they would have been able to remortgage when their mortgage fix was up. MMR - rules that were brought in to protect consumers from not being able to afford repayments on the future if rates rise. By being stuck on these mortgages, they are worse off and peversely more likely to succumb to rate rises. For this group of borrowers the MMR rules are not having the intended effect. It isn't retrospective in any sense is my point. It doesn't matter what the customer assumes. Just as with savings accounts with teaser rates that drop to zero, short term fixed rate mortgages have a teaser rate followed by SVR. They are priced accordingly. The assumption that you can just sign up to another fix, as good or better than your old deal, when your teaser rate runs out is just an assumption - and one that was suitably demolished in the Big Short. The FSA describes the MMR as: The reforms introduced under the Mortgage Market Review deliver a mortgage market that works better for consumers and is sustainable for all participants. It isn't just to protect consumers - it's designed to make the market sustainable - i.e. constraining risky lending and protecting the taxpayers.