Mortgage Interest Rate Increases

Wales – in the House of Commons at on 18 October 2023.

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Photo of David Linden David Linden Shadow SNP Spokesperson (Social Justice)

What discussions he has had with the Chancellor of the Exchequer on the impact of increases in mortgage interest rates on homeowners in Wales.

Photo of James Davies James Davies The Parliamentary Under-Secretary of State for 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. It sets out the standards that signatory lenders will adopt, including new flexibilities to help customers manage their mortgage payments over a short period.

Photo of David Linden David Linden Shadow SNP Spokesperson (Social Justice)

Throughout Scotland, people are paying the price of the Westminster-made cost of living crisis as a result of this Conservative Government and the actions of the Tories in crashing the economy last year. Will the Government bring forward that mortgage interest relief scheme for my constituents, and perhaps even for those in East Kilbride, Strathaven and Lesmahagow?

Photo of James Davies James Davies The Parliamentary Under-Secretary of State for Wales

The Government have, of course, 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.