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1010571

registered interest
date	20/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what support is available to borrowers seeking to access lower mortgage rates in the event that their proposed new lender or current lender is not signed up to the Government's voluntary agreement with UK Finance, the Building Socieities Association and the Intermediary Mortgage Lenders Association.
tabling member constituency	East Worthing and Shoreham
tabling member printed	Tim Loughton
uin	193356
answer	answer is ministerial correction date of answer 28/11/2018 answer text <p>67 lenders representing 95% of the UK’s residential mortgage market have signed up to the industry voluntary agreement to help mortgage prisoners.</p><p> </p><p>As set out in my response to your PQ tabled 5<sup>th</sup> November 2018 officials in the Treasury continue to work closely with the FCA and industry to explore what more can be done. This will include where lenders are not signed up to the industry’s voluntary agreement.</p> answering member constituency Salisbury answering member printed John Glen question first answered 28/11/2018 13:00:27 answering member 4051 label Biography information for John Glen
tabling member	114 label Biography information for Tim Loughton

1001947

registered interest
date	05/11/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the EU Mortgage Credit Directive on access to lower mortgage rates.
tabling member constituency	East Worthing and Shoreham
tabling member printed	Tim Loughton
uin	187982
answer	answer is ministerial correction date of answer 12/11/2018 answer text <p>The EU Mortgage Credit Directive (MCD), which came into force in March 2016, prevents lenders waiving the affordability requirements when a borrower moves to a new lender. As a result some borrowers may find it harder to switch to a new lender to access lower rates.</p><p> </p><p>While we must comply with the MCD, the Financial Conduct Authority have put in place exemptions which allow lenders to waive affordability requirements for customers that are remortgaging with their existing lender but not increasing the size of their debt. In addition in July 2018, UK Finance, the Building Socieities Association, and the Intermediary Mortgage Lenders Association, announced a cross industry voluntary agreement. Under this agreement lenders undertook to write by the end of 2018 to any borrowers on the reversion rate who are up to date with payments, and have a minimum of 2 years and £10,000 left on their mortgage, to let them know they can access lower mortgage rates with their existing lender. Officials in the Treasury continue to work closely with the FCA and industry to explore what more can be done<strong>. </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 12/11/2018 17:49:19 answering member 4051 label Biography information for John Glen
tabling member	114 label Biography information for Tim Loughton

989469

registered interest
date	17/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: EU Law
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the EU Mortgage Credit Directive on the cost of mortgages.
tabling member constituency	East Worthing and Shoreham
tabling member printed	Tim Loughton
uin	180624
answer	answer is ministerial correction date of answer 22/10/2018 answer text <p>The Government conducted an impact assessment when implementing the EU Directive in 2015 and assessed that there would be minimal costs incurred as a result of businesses absorbing the regulatory changes from the FCA.</p> answering member constituency Salisbury answering member printed John Glen question first answered 22/10/2018 16:24:57 answering member 4051 label Biography information for John Glen
tabling member	114 label Biography information for Tim Loughton

943949

registered interest
date	18/07/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debit Cards: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of changes in the level of costs to (a) car auctions and (b) other industries for debit card transaction charges as a result of the Interchange Fee Regulation.
tabling member constituency	East Worthing and Shoreham
tabling member printed	Tim Loughton
uin	165440
answer	answer is ministerial correction date of answer 23/07/2018 answer text <p>The European Commission plans to review the effectiveness of the Interchange Fee Regulation in the coming years as part of its usual process. Government has therefore not made a formal assessment of the impact of the Interchange Fee Regulation.</p><p> </p><p>The Government is open to hearing views on this issue, and digital payments more broadly, as evidenced by its recently closed call for evidence on cash and digital payments in the new economy. This sought information on how the shift from cash to digital payments impacts on different sectors, different regions and different demographics. The Government will formally respond to the call for evidence in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/07/2018 15:24:40 answering member 4051 label Biography information for John Glen
tabling member	114 label Biography information for Tim Loughton