The award recognises Dr Sparkes' important research into the experiences of 'mortgage prisoners' in the UK.
Dr Matthew Sparkes, Director of Studies and Fellow, has been awarded the College's Dame Anne Warburton Award. Here, Dr Sparkes shares insights into his important work and what this award means for his research.
What did you win the Award for?
Since 2023, I have been conducting in depth research on UK-based “mortgage prisoners” – existing borrowers who are unable to remortgage even if they remain up to date with their payments.
The origins of this issue trace back to the Global Financial Crisis (GFC). In its aftermath, successive UK governments introduced tighter regulatory measures to curb risky mortgage lending practices common in the early 2000s (Scanlon, Pannell, Williams, & Whitehead, 2023), such as high loan-to-value and interest-only mortgages.
At the same time, the government nationalised the mortgage books of failed lenders like Northern Rock, and later sold them to inactive investment firms – companies that do not offer new mortgage products but specialise in managing distressed debt. This created a group of over 200,000 homeowners who are unable to remortgage with an active lender, many of whom are now trapped paying interest rates exceeding 8%.
My research focusses on the lived experiences of these mortgage prisoners. Currently, I explore how their indebtedness and experiences of financial stigma have led to political mobilisation, which I conceptualise as a form of “data public” (Marres, 2012).
I applied for the Dame Anne Warburton Award to support a research trip to Australia in December 2025. During this trip, I will present my findings at the Class and Social Justice conference at the University of Technology Sydney (UTS) and deliver a research talk at the University of Melbourne.
This opportunity will be invaluable for disseminating my work, building international research networks, and developing new scholarly publications.
Can you tell us more about your work?
My research explores the relationship between personal debt and social inequalities. My earlier work focussed on consumer credit and patterns of consumption. More recently I have turned to examining the ways in which access to housing, and the form that housing tenures take, shapes people’s life chances. This led me to investigate the issue of mortgage prisoners.
I was struck by the fact that, despite increasing political, media and regulatory attention, there was a surprising lack of academic research examining this group.
I became particularly keen on the factors contributing to higher arrears and impaired credit files among mortgage prisoners, the role of credit scores, and the extent to which they are aware of and understand their credit profiles.
To explore these questions, I conducted 28 qualitative semi-structured interviews in 2023. Initial findings - highlighting how credit scores serve as a barrier for mortgage prisoners, with some feeling defeated by their inability to change them - have been published in an academic journal and The Conversation. A recurring theme was that many people have fallen into arrears precisely because they were unable to remortgage.
In addition, I have a forthcoming chapter in the edited volume Viral Debt (Routledge, 2025) and an article currently under development. These works explore how public communications by policymakers’ shape housing and debt markets. In particular, they highlight how a stigmatising “moral hazard” narrative constrains policy responses and deepens the marginalisation of mortgage prisoners.
What’s the impact of your research?
Beyond academic circles, my research is beginning to shape policy discussions - something I am keen to develop further. In February 2024, I presented my findings at a Parliamentary Briefing on mortgage prisoners, contributing to wider debates on regulatory reform and borrower protections. I have also provided consultancy to Lord Sharkey, who is spearheading a Mortgage Prisoners Inquiry Bill currently progressing through the House of Lords.
Building on this, I secured Rapid Impact Funding (£9,225) from the Centre for Science and Policy (Cambridge) to host a multi-disciplinary policy workshop in 2025. This event will bring together academic, financial, and political stakeholders to explore actionable solutions for mortgage prisoners.
What does being a Fellow at Lucy Cavendish College mean to you, and what are your roles?
As a sociologist focusing on social inequalities, I am deeply committed to principles of equality, diversity, and inclusion. When I started working at Cambridge in 2014, I was drawn to Lucy Cavendish’s founding mission of supporting the educational development of mature women with significant academic potential.
In 2015, I was appointed Director of Studies for Human, Social, and Political Sciences (HSPS) at the College, taking on responsibility for the sociology curriculum (SOC1) in Part I and contributing to the HSPS admissions process.
When Lucy Cavendish transitioned to a co-educational college, expanding its mission to include individuals from historically excluded backgrounds, I was proud to be nominated as a Fellow. Since then, I have seen the College become a pioneer in challenging systemic inequalities within the Cambridge system, building a diverse and thriving educational environment.
I particularly value the opportunity to work with and support first-generation and widening participation students, many of whom may be unfamiliar with Cambridge’s often opaque teaching and assessment structures. Drawing on my experiences as a working class scholar, I aim to demystify these systems and ensure that students’ values are respected and that their class, gender, race and sexuality does not hinder their participation and progress.
We have a fantastic Fellowship, made up of individuals who have devoted their careers to developing the College, alongside new members - like myself - who are inspired by its mission and contribution. It is a privilege to be part of this team.
Congratulations to Dr Matthew Sparkes on receiving the Dame Anne Warburton Award, a testament to the significance and impact of his ongoing research.
Recently, Matthew's work has received public and media attention. It has been featured in The Conversation (2023; 2024) and covered by outlets including the Financial Times Adviser and inews. He also contributed to a BBC Radio 4 programme presented by journalist Vicky Spratt, which looks at the experiences of homeowners trapped in high-interest mortgages following the financial crisis.