 |
answer text |
<p>The pricing of mortgages is a commercial decision for lenders in which the Government
does not intervene. However, we recognise this is a concerning time for mortgage borrowers.</p><p>
</p><p>On Friday 23 June the Chancellor met with the UK’s largest mortgage lenders,
UK Finance and the Financial Conduct Authority to discuss how lenders will provide
support for those who encounter problems keeping up with their mortgage payments.
At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling
with their mortgage payments that was published on 26 June. The Charter sets out the
standards signatory lenders will adopt when helping their customers, including new
flexibilities to help customers manage their mortgage payments over a short period.</p><p>
</p><p>The Charter is in addition to the significant safeguards already in place for
consumers in the mortgage market. Financial Conduct Authority rules require lenders
to engage individually with their customers who are struggling or who are worried
about their payments in order to provide tailored support. The Government has also
taken measures aimed at helping people to avoid repossession, including Support for
Mortgage Interest (SMI) loans, and protection in the courts through the Pre-Action
Protocol.</p>
|
|
