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<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>
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