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<p>There are c.28.1 million households in the UK, 8.4 million of which have a residential
mortgage. Around 75% of residential mortgage borrowers are on fixed-rate deals and
are therefore shielded from interest rate rises in the short term.</p><p> </p><p>When
mortgage borrowers are in financial difficulty and struggling to pay their mortgage,
Financial Conduct Authority guidance requires firms to provide support through tailored
forbearance options. This could include measures such as a payment holiday, partial
payment, or an extension of mortgage term.</p><p><em> </em></p><p>The Government has
also taken a number of measures aimed at helping people to avoid repossession, including
Support for Mortgage Interest loans for those in receipt of an income-related benefit,
and protection in the courts through the Pre-Action Protocol, which makes it clear
that repossession must always be the last resort for lenders.</p><p> </p><p>There
remains a broad range of mortgage products on the market, and those looking to take
out a mortgage are encouraged to shop around and speak to a mortgage broker. The pricing
and availability of loans is a commercial decision for lenders in which the Government
does not intervene.</p>
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