Member

As noble Lords may be aware, the number of borrowers in closed books is still at 105,000—down from 195,000 in 2021, but still too many. The fall is welcome, but it does not lessen the seriousness of the circumstances faced by those who remain; nor should the reduction in numbers be taken to mean that the underlying challenges have been resolved. Those who remain may be facing particularly persistent barriers to switching or to obtaining a mortgage appropriate to their circumstances.