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<p>The pricing and availability of mortgages is a commercial decision for lenders
in which the Government does not intervene.</p><p> </p><p>However, we recognise this
will be a concerning time for all households with a mortgage. The Prime Minister has
been clear, the best and most important way that we can keep costs and interest rates
down for people is to halve inflation, and then return it to the 2% target.</p><p>
</p><p>Following the commitments agreed to support borrowers in December, the Chancellor
met with mortgage lenders, UK Finance and the Financial Conduct Authority on 23 June.
At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling
with their mortgage payments, which was published on 26 June. This sets out the standards
lenders will adopt when helping their customers, including new flexibilities to help
customers manage their mortgage payments over a short period.</p><p> </p><p>This is
in addition to the measures the Government has already taken aimed at helping people
to avoid repossession, including Support for Mortgage Interest (SMI) loans, and protection
in the courts through the Pre-Action Protocol.</p><p> </p><p>If mortgage holders are
concerned about making their repayment, they must speak to their lender as soon as
possible. Contacting them will not affect their credit score.</p>
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