Commons Sense

House of Commons · Ministers' Questions

Mortgage Interest Rate Increases

Wednesday 18 October 2023 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • Government recognises concern over increasing mortgage interest rates affecting homeowners in Wales.
  • Government supports borrowers through the new mortgage charter and support for mortgage interest loans for those on income-related benefits.
  • Government actions aim to reduce likelihood of repossessions for those struggling with mortgage payments.

Topics (select to filter)

Questions & Answers

Q1 David Linden SNP
Economy Housing Wales
Context

The question addresses concerns about rising mortgage interest rates affecting homeowners in Wales, particularly those nearing the end of fixed-rate deals.

Question

What discussions has he had with the Chancellor of the Exchequer regarding the impact of increasing mortgage interest rates on homeowners in Wales?

Answer from James Davies

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.

Partly answered

Not addressed: No specific commitment or action was provided to address the issue of increasing mortgage interest rates directly.

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Q2 David Linden SNP
Economy Housing
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.

Question

Will the Government bring forward that mortgage interest relief scheme for my constituents, and perhaps even for those in East Kilbride, Strathaven and Lesmahagow?

Answer from James Davies

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.

Partly answered

Not addressed: No commitment was given regarding a specific relief scheme as requested; only current support measures were mentioned.

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