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1658559

registered interest
date	06/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions she has had with (a) lenders and (b) other relevant stakeholders on the levels of early repayment charges for tracker mortgages.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	198107
answer	answer is ministerial correction date of answer 12/09/2023 answer text <p>HM Treasury is regularly in contact with mortgage lenders on all aspects of their mortgage business to understand their position and current lending conditions. However, the pricing of mortgages, including early repayment charges, is a commercial decision for lenders in which the Government does not intervene.</p><p> </p><p>Nevertheless, Financial Conduct Authority rules set out that lenders should not impose early repayment charges at a level that is more than a reasonable pre-estimate of the costs that would be incurred as a result of a loan being terminated early.</p><p> </p><p>Consumers should also be given adequate information about the existence of these charges in the pre-sale disclosure documents lenders are required to give them.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 12/09/2023 10:34:50 answering member 4874 label Biography information for Andrew Griffith
tabling member	4518 label Biography information for Tulip Siddiq

1656225

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish guidance to encourage mortgage lenders to consider an applicant’s ability to service a loan on the basis of rental monies paid rather than a multiple of salary.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	196213
answer	answer is ministerial correction date of answer 07/09/2023 answer text <p>The Government is committed to helping as many first-time buyers as possible get onto the housing ladder and agrees that a history of paying rent should be able to help with this.</p><p> </p><p>In 2017, the Government launched the Rent Recognition Challenge: a £2 million competition challenging the UK’s world-leading tech firms to develop innovative applications to enable tenants to record and share their rental payment data with lenders and credit reference agencies.</p><p> </p><p>The Government encourages all renters to consider what options are available to them with regards to rent recognition.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 07/09/2023 12:53:32 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1650945

registered interest
date	06/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to his Department's policy paper, Mortgage Charter, updated on 5 July, what recent assessment he has made of the implications for his policies of proposed solutions in the report entitled Releasing the mortgage prisoners, published by the London School of Economics in February 2023.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	192858
answer	answer is ministerial correction date of answer 11/07/2023 answer text <p>The Government understands that being unable to switch your mortgage can be extremely stressful, and, alongside the Financial Conduct Authority (FCA) and industry, have shown we are willing to act through the introduction of a ‘modified affordability assessment’. We are also regularly in contact with key stakeholders, including recently with the All Party Parliamentary Group on Mortgage Prisoners.</p><p> </p><p>Importantly, all lenders – including those with inactive books - are regulated by the FCA and must provide tailored support to borrowers. The Chancellor has made clear his expectation for lenders to live up to their responsibilities and support any mortgage borrowers who are finding it tough right now. The Government hopes other firms will do the right thing and sign up to the Mortgage Charter as soon as possible.</p><p> </p><p>However, the Government remains committed to the issue of mortgage prisoners, and we are considering the proposals put forward in the London School of Economics report very carefully. While we cannot force lenders to lend to borrowers they consider too high a risk, the Government welcomes any further practical and proportionate solutions that would meaningfully assist affected borrowers and be fair to other borrowers in the wider market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/07/2023 12:47:03 answering member 4874 label Biography information for Andrew Griffith
tabling member	4107 label Biography information for Dame Harriett Baldwin

1649634

registered interest
date	03/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the number of new mortgage prisoners since September 2022; and if he will make an estimate of the number of mortgage prisoners for each of the next three years.
tabling member constituency	Bath
tabling member printed	Wera Hobhouse
uin	192134
answer	answer is ministerial correction date of answer 10/07/2023 answer text <p>Information on the number of mortgage prisoners was provided by the Financial Conduct Authority (FCA) in 2021. A link to that report is provided below.</p><p><a href="https://www.gov.uk/government/publications/mortgage-prisoner-review" target="_blank">https://www.gov.uk/government/publications/mortgage-prisoner-review</a></p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 10/07/2023 13:08:28 answering member 4874 label Biography information for Andrew Griffith
tabling member	4602 label Biography information for Wera Hobhouse

1649756

registered interest
date	03/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the implications for his policies of the report by Kath Scanlon, Bob Pannell and Peter Williams entitled Releasing the mortgage prisoners: proposed solutions and illustrative costings, published on 1 March 2023 February 2023; and whether he plans to implement the recommendations of that report.
tabling member constituency	Ynys Môn
tabling member printed	Virginia Crosbie
uin	192238
answer	answer is ministerial correction date of answer 06/07/2023 answer text <p>The Government understands that being unable to switch your mortgage can be extremely stressful, and, alongside the Financial Conduct Authority and industry, have shown we are willing to act through the introduction of a ‘modified affordability assessment’. We are also regularly in contact with key stakeholders, including recently with the All Party Parliamentary Group on Mortgage Prisoners.</p><p> </p><p>The Government remains committed to this issue, and we are considering the proposals put forward in this report very carefully. While we cannot force lenders to lend to borrowers they consider too high a risk, the Government welcomes any further practical and proportionate solutions that would meaningfully assist affected borrowers and be fair to other borrowers in the wider market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 06/07/2023 15:03:15 answering member 4874 label Biography information for Andrew Griffith
tabling member	4859 label Biography information for Virginia Crosbie

1648459

registered interest
date	28/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to support people with increases in mortgage costs, in the context of increases in the cost of living.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	191575
answer	answer is ministerial correction date of answer 04/07/2023 answer text <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> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 04/07/2023 11:09:52 answering member 4874 label Biography information for Andrew Griffith
tabling member	4131 label Biography information for Jim Shannon

1648482

registered interest
date	28/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department is taking steps to help support people who took out mortgages before 2008 with regulated banks which subsequently collapsed and are now unable to switch to new mortgage deals.
tabling member constituency	Denton and Reddish
tabling member printed	Andrew Gwynne
uin	191540
answer	answer is ministerial correction date of answer 03/07/2023 answer text <p>The Government understands that being unable to switch your mortgage can be extremely concerning, and, alongside the Financial Conduct Authority and industry, have shown we are willing to act through the introduction of a ‘modified affordability assessment’. We are also regularly in contact with key stakeholders, including recently with the All Party Parliamentary Group on Mortgage Prisoners.</p><p><strong> </strong></p><p>The Government remains committed to this issue, and welcomes any further practical and proportionate solutions that would meaningfully assist affected borrowers and be fair to other borrowers in the wider market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 03/07/2023 12:41:21 answering member 4874 label Biography information for Andrew Griffith
tabling member	1506 label Biography information for Andrew Gwynne

1647521

registered interest
date	23/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will hold discussions with mortgage lenders on providing flexibility to people who will find it difficult to afford mortgage repayments following the recent rises in interest rates.
tabling member constituency	Belfast South
tabling member printed	Claire Hanna
uin	190979
answer	answer is ministerial correction date of answer 28/06/2023 answer text <p>On Friday 23 June the Chancellor met with the largest mortgage lenders, UK Finance and the Financial Conduct Authority to discuss a new package of support for those who encounter problems keeping up with their mortgage payments. These commitments include an agreement permitting customers to switch to an interest only mortgage, or extend their mortgage term, for 6 months, after which they can switch back without a new affordability check or it affecting their credit score. Lenders also agreed borrowers won’t have their home repossessed within 12 months from their first missed payment without their consent or unless in exceptional circumstances. Borrowers coming to the end of their deal will be able to lock in a new rate up to six months in advance of their deal coming to an end, and apply for a better rate if one becomes available.</p><p> </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> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 28/06/2023 14:14:42 answering member 4874 label Biography information for Andrew Griffith
tabling member	4827 label Biography information for Claire Hanna

1647524

registered interest
date	23/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department is taking steps to support (a) first-time buyers and (b) people who have large capital balances on their mortgages.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	190963
answer	answer is ministerial correction date of answer 29/06/2023 answer text <p>The pricing and availability of mortgages is a commercial decision for lenders in which the Government does not intervene. However, the Government remains committed to making the aspiration of homeownership a reality for as many households as possible.</p><p> </p><p>We operate a range of schemes that aim to increase the supply of low-deposit mortgages for credit-worthy households, including first-time buyers, increase the availability of new housing, and stimulate economic growth. The Government also helps first-time buyers to save for a deposit through the Lifetime ISA and Help to Buy: ISA.</p><p> </p><p>We recognise this will be a concerning time for existing mortgage borrowers, particularly those who are due to come to the end of their existing deal in the immediate future.</p><p> </p><p>On 26 June, we – alongside industry and the Financial Conduct Authority – published the Mortgage Charter. This Charter sets out the standards lenders will adopt when helping their customers; signatories will provide borrowers with new flexibilities to 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><strong> </strong></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 29/06/2023 08:54:12 answering member 4874 label Biography information for Andrew Griffith
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1623615

registered interest
date	25/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the impact of rises in the cost of living on the affordability of mortgage payments.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	182564
answer	answer is ministerial correction date of answer 02/05/2023 answer text <p>Mortgage arrears levels remain at historically low levels.</p><p> </p><p>Where mortgage holders do fall into financial difficulty, Financial Conduct Authority guidance requires firms to offer tailored support. This could include a range of measures depending on individual circumstances.</p><p> </p><p>The Government has also taken a number of measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) 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>More broadly, the Government has taken decisive action to support households across the UK through the cost-of-living challenges, whilst remaining fiscally responsible. Overall, the Government is providing support worth over £94 billion over 2022-23 and 2023-24 to help households and individuals with the rising cost of living – an average of over £3,300 per UK household. The Government is also maintaining the Energy Price Guarantee at £2,500 for an additional three months from April, saving households an additional £160, bringing total Government support for energy bills to £1,500 for a typical household since October 2022.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 02/05/2023 10:49:16 answering member 4874 label Biography information for Andrew Griffith
tabling member	4131 label Biography information for Jim Shannon