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<p>The Government is closely monitoring levels of arrears and repossessions, which
remain low by historic standards. Affordability assessment and stress testing of mortgage
applications is helping ensure households do not move into arrears.</p><p>Lenders
representing over 90% of the market have agreed to our Mortgage Charter, which includes
new flexibilities to help customers manage their repayments over a short period. This
is helping to support vulnerable households.</p><p>Financial Conduct Authority (FCA)
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.</p><p>The
Government has also put in place measures aimed at helping people to avoid repossession,
including Support for Mortgage Interest (SMI) loans, protection in the courts through
the Pre-Action Protocol, and the Housing Loss Prevention Advice Service (HLPAS).</p>
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