Mortgages: Government Assistance

Treasury written question – answered on 21st June 2022.

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Photo of Nick Brown Nick Brown Chair, Finance Committee (Commons), Chair, Finance Committee (Commons)

To ask the Chancellor of the Exchequer, what support he is making available for people who are mortgage prisoners and are subject to significant payment rises.

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

The Government has worked with the Financial Conduct Authority (FCA) on changes to regulation, making it possible for lenders to offer products to a greater number of mortgage prisoners. We have also put resources in place so that mortgage prisoners can understand their options better, including their ability to switch, and access advice through MoneyHelper.

The Treasury continues to work with industry to determine if there are any further solutions which would meaningfully benefit mortgage prisoners and are fair to other borrowers in the wider mortgage market, including those who are also paying variable rates.

On the cost of living more broadly, the Government has introduced over £15bn of additional support, targeted particularly at those with the greatest need. This package builds on the over £22bn announced previously, with government support for the cost of living now totalling over £37bn this year. Millions of the most vulnerable households will receive at least £1,200 of one-off support in total this year to help with the cost of living.

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