The pricing of mortgages is a commercial decision for lenders, including relevant credit unions, in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.<\/p>
<\/p>
On Friday 23 June the Chancellor met with the UK\u2019s largest mortgage lenders, UK Finance and the Financial Conduct Authority to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders, which includes some credit unions, will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.<\/p>
<\/p>
The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures 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>
More widely, the Government is taking forward amendments to the Credit Unions Act 1979 through the Financial Services and Markets Act (FSMA) 2023 to allow the credit union sector to grow, by offering a wider range of products and services to their members. FSMA 2023 is central to delivering the Government\u2019s vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2023-09-06", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "195553"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-09-06T15:30:28.363Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-07-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Mortgages: Interest Rates"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what support is available to homeowners who have accrued unmanageable debt due to increased mortgage interest rates.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4607", "label" : {"_value" : "Biography information for Stephanie Peacock"} } , "tablingMemberConstituency" : {"_value" : "Barnsley East"} , "tablingMemberPrinted" : [{"_value" : "Stephanie Peacock"} ], "uin" : "195552"} , {"_about" : "http://data.parliament.uk/resources/1015126", "AnsweringBody" : [{"_value" : "Foreign and Commonwealth Office"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1015126/answer", "answerText" : {"_value" : "
We continue to monitor developments on migrants from Central America transiting Mexico and are in contact with the UN Refugee Agency (UNHCR) which is providing support and funding. Officials in our Embassy in Mexico have also met with the local Mexican State Human Rights Commission on the border with Guatemala and discussed the protection of human rights for migrants.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/343", "label" : {"_value" : "Biography information for Sir Alan Duncan"} } , "answeringMemberConstituency" : {"_value" : "Rutland and Melton"} , "answeringMemberPrinted" : {"_value" : "Sir Alan Duncan"} , "dateOfAnswer" : {"_value" : "2018-11-29", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-11-29T15:05:15.387Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "16"} , "answeringDeptShortName" : {"_value" : "Foreign and Commonwealth Office"} , "answeringDeptSortName" : {"_value" : "Foreign and Commonwealth Office"} , "date" : {"_value" : "2018-11-26", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Mexico and USA: Migrants"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Foreign and Commonwealth Affairs, what recent discussions he has had with his counterparts in the (a) US Administration and (b) Mexican Government on the human rights of Central American migrants.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1484", "label" : {"_value" : "Biography information for Helen Goodman"} } , "tablingMemberConstituency" : {"_value" : "Bishop Auckland"} , "tablingMemberPrinted" : [{"_value" : "Helen Goodman"} ], "uin" : "195552"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 2, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }