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1685464

registered interest
date	29/01/2024
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 the Answer of 8 March 2023 to Question 157639 on Mortgages, whether he plans to publish a response to the report entitled Releasing the Mortgage Prisoners, published on 1 March 2023.
tabling member constituency	Feltham and Heston
tabling member printed	Seema Malhotra
uin	11794
answer	answer is ministerial correction date of answer 06/02/2024 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, such as through the introduction of a ‘modified affordability assessment’.</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, we welcome views on any further practical and proportionate solutions that would meaningfully assist affected borrowers and be fair to other borrowers in the wider market. We are also regularly in contact with key stakeholders, including recently with the UK Mortgage Prisoners campaign group, to discuss potential solutions.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 06/02/2024 11:17:55 answering member 4639 label Biography information for Bim Afolami
tabling member	4253 label Biography information for Seema Malhotra

1684530

registered interest
date	23/01/2024
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 fiscal steps he is taking to help facilitate the entry of new lenders offering long-term fixed rate mortgages backed by institutional bonds to the market.
tabling member constituency	North East Hampshire
tabling member printed	Mr Ranil Jayawardena
uin	11153
answer	answer is ministerial correction date of answer 31/01/2024 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, lenders in the UK already do offer this type of mortgage product, and those looking to take out a long-term fixed rate mortgage are encouraged to shop around and speak to a broker to find the best possible product for them.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 31/01/2024 12:02:23 answering member 4639 label Biography information for Bim Afolami
tabling member	4498 label Biography information for Mr Ranil Jayawardena

1684649

registered interest
date	23/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the long-term impact of their proposed 99 per cent mortgage scheme on (1) the housing market, and (2) borrowers.
tabling member printed	Lord Taylor of Warwick
uin	HL1880
answer	answer is ministerial correction date of answer 06/02/2024 answer text <p>The Government does not comment on theoretical schemes but continues to keep policy under review. The Government remains committed to supporting people of all incomes and at all stages of life in order to make the aspiration of home ownership a reality for as many households as possible.</p><p> </p><p>The Mortgage Guarantee Scheme – launched in April 2021 – continues to support homebuyers and movers with deposits as small as 5%. As of June 2023, the scheme has directly helped over 39,000 households to buy their homes, 86% of which have been first-time buyers.</p> answering member printed Baroness Vere of Norbiton question first answered 06/02/2024 12:28:56 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

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