Homeowners with Mortgages Support 2024-02-06
2024-02-06
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
Concerns about the impact of rising interest rates on mortgage borrowers, leading to financial difficulty.
I am concerned about the steps being taken to help support homeowners experiencing difficulties due to increased mortgage payments. What specific measures are in place or planned to alleviate this issue?
The path to lower interest rates is through lower inflation, which is why the Government are fully committed to supporting the Bank of England in achieving its 2% target. For those in financial difficulty, the mortgage charter includes new flexibilities for managing repayments.
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Assessment & feedback
Specific actions beyond existing policies not addressed
General Commitment To Lowering Inflation
Response accuracy
Q2
Partial Answer
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Context
Continued concern over the impact of rising interest rates on mortgage borrowers.
Given that many mortgage holders are suffering due to recent hikes in interest rates, will the Government continue discussions with the Bank of England and lenders to find ways to reduce these rates further? This could provide significant relief for homeowners.
I completely agree on the need to drive mortgage rates down, which is why we support the Bank of England's efforts. We also ensure that our policies do not exacerbate inflation by avoiding additional borrowing.
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Assessment & feedback
Specific dialogue plans with Bank of England and lenders not detailed
Focus On Not Worsening Inflation
Response accuracy
Q3
Partial Answer
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Context
High monthly payment increases for mortgage holders, with over 900,000 borrowers facing significant rises and government resignations due to these issues.
The two-year fixed mortgage rate is more than double the level from December 2021, leading to monthly payments increasing by £500 or even £1,000 for many. Given that Government Ministers are having to step down over rising mortgage costs, how does the Chancellor expect people in Scotland to manage these increased rates?
Firstly, the best way is to support cost of living rather than increasing taxes as proposed by the SNP. Secondly, we maintain our backing for the Bank of England in reducing inflation and subsequently interest rates.
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Assessment & feedback
Specific measures for Scottish residents not addressed
Redirecting Focus To Tax Increases
General Commitment To Reducing Inflation
Response accuracy