Mortgages: Coronavirus

Treasury written question – answered on 7th September 2020.

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Photo of Julian Lewis Julian Lewis Chair, Intelligence and Security Committee of Parliament, Chair, Intelligence and Security Committee of Parliament

To ask the Chancellor of the Exchequer, what steps he (a) has taken and (b) plans to take to ensure that mortgage lenders follow official guidance and look favourably on loan applications during the covid-19 outbreak; and if he will make a statement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Chancellor and I are in regular discussions with mortgage lenders regarding the availability of competitive mortgage products on the market and to encourage lenders to assess applications for these products fairly considering the unprecedented circumstances.

Beyond these discussions, the assessment of mortgage loan applications are commercial decisions and the Government does not seek to intervene. When assessing loan applications, lenders consider several factors such as market conditions, the funding they possess and the applicant’s affordability.

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