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31321
registered interest false more like this
date remove maximum value filtermore like thismore than 2014-01-07
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name
answering dept sort name
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what discussions he has had with UKAR regarding the potential effect on customers of a rise in interest rates. more like this
tabling member constituency Kilmarnock and Loudoun more like this
tabling member printed
Cathy Jamieson more like this
uin 182195 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-05-13more like thismore than 2014-05-13
answer text <p>This Government's long term economic plan has kept interest rates at record lows for hardworking people across the country.</p><p> </p><p>Many lenders impose affordability stress tests on their mortgage lending decisions to ensure that the mortgage will remain affordable should interest rates rise. The Financial Conduct Authority's Mortgage Market Review rules, which came into force in April this year will require all mortgage lenders to conduct such a stress test.</p><p> </p><p>Although UKAR does not engage in new lending, UKAR runs a range of modelling scenarios to understand the potential effects of interest rate rises on customers. This work helps UKAR to identify customers who may be susceptible to higher interest rates and to engage with such customers at an early stage.</p><p> </p><p>UKAR assists all customers who wish to switch mortgage providers.</p><p> </p><p>NRAM and Bradford and Bingley are managed by UK Asset Resolution Limited (UKAR) which was established in 2010 to manage the disposal and rundown of outstanding assets at Bradford &amp; Bingley and Northern Rock Asset Management in an integrated way, with a view to creating value for the taxpayer. UKAR is managed at arm's length from Government, on commercial principles.</p><p> </p><p>It is therefore not for the Chancellor to discuss detailed commercial matters with UKAR.</p><p> </p>
answering member constituency South Northamptonshire more like this
answering member printed Andrea Leadsom more like this
grouped question UIN 182196 more like this
question first answered
less than 2014-05-13T12:00:00.00Zmore like thismore than 2014-05-13T12:00:00.00Z
answering member
4117
label Biography information for Andrea Leadsom remove filter
tabling member
4011
label Biography information for Cathy Jamieson remove filter
31322
registered interest false more like this
date remove maximum value filtermore like thismore than 2014-01-07
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name
answering dept sort name
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of an interest rate rise on customers whose mortgages are held by UKAR; and what support is available to assist such customers to switch providers. more like this
tabling member constituency Kilmarnock and Loudoun more like this
tabling member printed
Cathy Jamieson more like this
uin 182196 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-05-13more like thismore than 2014-05-13
answer text <p>This Government's long term economic plan has kept interest rates at record lows for hardworking people across the country.</p><p> </p><p>Many lenders impose affordability stress tests on their mortgage lending decisions to ensure that the mortgage will remain affordable should interest rates rise. The Financial Conduct Authority's Mortgage Market Review rules, which came into force in April this year will require all mortgage lenders to conduct such a stress test.</p><p> </p><p>Although UKAR does not engage in new lending, UKAR runs a range of modelling scenarios to understand the potential effects of interest rate rises on customers. This work helps UKAR to identify customers who may be susceptible to higher interest rates and to engage with such customers at an early stage.</p><p> </p><p>UKAR assists all customers who wish to switch mortgage providers.</p><p> </p><p>NRAM and Bradford and Bingley are managed by UK Asset Resolution Limited (UKAR) which was established in 2010 to manage the disposal and rundown of outstanding assets at Bradford &amp; Bingley and Northern Rock Asset Management in an integrated way, with a view to creating value for the taxpayer. UKAR is managed at arm's length from Government, on commercial principles.</p><p> </p><p>It is therefore not for the Chancellor to discuss detailed commercial matters with UKAR.</p><p> </p>
answering member constituency South Northamptonshire more like this
answering member printed Andrea Leadsom more like this
grouped question UIN 182195 more like this
question first answered
less than 2014-05-13T12:00:00.00Zmore like thismore than 2014-05-13T12:00:00.00Z
answering member
4117
label Biography information for Andrea Leadsom remove filter
tabling member
4011
label Biography information for Cathy Jamieson remove filter