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1149417
star this property registered interest false more like this
star this property date less than 2019-10-15more like thismore than 2019-10-15
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury remove filter
star this property answering dept sort name Treasury more like this
unstar this property hansard heading Mortgages more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps his Department is taking to help tackle the loyalty penalty in the mortgage market. more like this
star this property tabling member constituency Coventry South more like this
star this property tabling member printed
Mr Jim Cunningham more like this
star this property uin 436 remove filter
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-10-21more like thismore than 2019-10-21
star this property answer text <p>There are comparatively high levels of customer engagement in the UK mortgage market, with 75% of customers taking out a new product within 6 months of being on the reversion rate.</p><p>Whilst the levels of customer engagement are comparatively high in the mortgage market, the Government is not complacent. That is why HM Treasury (HMT) has worked closely with the Financial Conduct Authority (FCA) on changes to their lending rules, which will remove the regulatory barrier which currently prevents some borrowers from switching to a new deal. These changes will be in place before the end of the year.</p><p>HMT also supports the current FCA research into customers who could switch at the end of the fixed introductory period but who choose to stay on the reversion rate.</p><p>No recent representations have been made to the Chancellor of the Exchequer on the loyalty penalty in the mortgage market.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
435 more like this
437 more like this
star this property question first answered
less than 2019-10-21T13:51:56.057Zmore like thismore than 2019-10-21T13:51:56.057Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
308
unstar this property label Biography information for Mr Jim Cunningham more like this