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1536578
registered interest false more like this
date less than 2022-10-26more like thismore than 2022-10-26
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Mortgages: Interest Rates more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask His Majesty's Government what plans they have to assist (1) households at risk of defaulting on their mortgage as a result of rising interest rates, and (2) private renters whose landlord is at risk of defaulting on their mortgage. more like this
tabling member printed
Baroness Bennett of Manor Castle more like this
uin HL2910 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-11-09more like thismore than 2022-11-09
answer text <p>Mortgage arrears levels remain historically low. According to the latest UK Finance data, there were 74,560 residential mortgages in arrears at the end of June, 10% fewer than in the same period in the previous year.</p><p> </p><p>If mortgage borrowers do fall into financial difficulty, Financial Conduct Authority (FCA) guidance requires firms to provide support through tailored forbearance options. The Government has 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><p> </p><p>Whilst the setting of rents and the payment of mortgages are matters for private landlords, ensuring a fair deal for renters remains a priority for this government.</p><p> </p><p>The Government has already taken immediate action to help households with the rising cost of living 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, which will support homeowners and tenants alike. The Government has also announced an extra £500 million of local support in England via the Household Support Fund (bringing the total amount provided to £1.5 billion since October 2021).</p>
answering member printed Baroness Penn more like this
question first answered
less than 2022-11-09T12:05:05.583Zmore like thismore than 2022-11-09T12:05:05.583Z
answering member
4726
label Biography information for Baroness Penn more like this
tabling member
4719
label Biography information for Baroness Bennett of Manor Castle more like this