Mortgage Interest Rate Increases 2023-10-18
2023-10-18
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The question addresses concerns about rising mortgage interest rates affecting homeowners in Wales, particularly those nearing the end of fixed-rate deals.
What discussions has he had with the Chancellor of the Exchequer regarding the impact of increasing mortgage interest rates on homeowners in Wales?
The Government recognise that this is a concerning time for mortgage holders, especially those who are due to come to the end of a fixed deal in the immediate future. We are supporting borrowers who are struggling with their mortgage payments through the new mortgage charter which sets out the standards signatory lenders will adopt, including new flexibilities to help customers manage their mortgage payments over a short period.
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Assessment & feedback
No specific commitment or action was provided to address the issue of increasing mortgage interest rates directly.
Response accuracy
Q2
Partial Answer
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Context
The question addresses the impact of economic actions by the Conservative Government on mortgage holders in Scotland and seeks a commitment to introduce a mortgage interest relief scheme.
Will the Government bring forward that mortgage interest relief scheme for my constituents, and perhaps even for those in East Kilbride, Strathaven and Lesmahagow?
The Government have provided “support for mortgage interest” loans for those receiving income-related benefits, and the pre-action protocol helps to make repossessions less likely. That is in addition to the action that I have already outlined.
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Assessment & feedback
No commitment was given regarding a specific relief scheme as requested; only current support measures were mentioned.
Response accuracy