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<p>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>However, the Government
has already taken immediate action to help households through the Energy Price Guarantee
and the Energy Bills Support Scheme. This is in addition to the £37 billion of targeted
support for the cost of living this financial year.</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>
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