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1232409

	registered interest
	date	08/09/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Older People
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to strengthen the Equalities Act 2010 to prevent discrimination by financial businesses in relation to home mortages for prospective borrowers over the age of 75 who are nearing or post retirement age.
	tabling member constituency	Bury South
	tabling member printed	Christian Wakeford
	uin	86786
	answer	answer is ministerial correction date of answer 16/09/2020 answer text The requirements relating to lending beyond retirement age aim to protect consumers from carrying unaffordable debt into retirement. Where older consumers have the means to support repayments (as many do through employment, pensions, or other sources of income such as investments) the rules do not prevent them from accessing mortgages.<p> </p>The Equalities Act (2010) allows financial services providers, including mortgage lenders, to use an individual’s age in designing, pricing and offering products. This includes allowing lenders to set age limits on customers to whom they will lend. The Government believes that it is important for financial services companies to be able to factor in a person’s age in their assessment of risk, pricing, and willingness to lend if there is evidence to justify the different treatment.<p> </p>However, the Government is clear that mortgage lenders should not discriminate against borrowers due to their age, if they are able to demonstrate they can repay their mortgage over the course of a term and based on their income. The Government has worked with industry to ensure that products are available for older borrowers including the introduction of the Retirement Interest Only (RIO) mortgage, and the availability of Lifetime Equity Release products.<p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 16/09/2020 12:49:10 answering member 4051 label Biography information for John Glen
	tabling member	4871 label Biography information for Christian Wakeford

1226949

	registered interest
	date	21/07/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Premium Bonds
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent estimate he has made of the average time taken for National Savings and Investments to transfer prize money to premium bond winners in each of the last five years.
	tabling member constituency	Bury South
	tabling member printed	Christian Wakeford
	uin	77863
	answer	answer is ministerial correction date of answer 07/09/2020 answer text <p>NS&amp;I issues Premium Bond prizes to a regular timetable. The time taken depends on the customer’s chosen method of payment and this has not changed during the Covid-19 pandemic. Over the last 5 years customers have increasingly chosen to receive their prize payments as BACS payments rather than as warrants (by post), resulting in Bond holders receiving their prize payments more quickly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 07/09/2020 09:18:42 answering member 4051 label Biography information for John Glen
	tabling member	4871 label Biography information for Christian Wakeford