Mortgages: Individual Savings Accounts
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of reducing the maximum amount that can be added to a cash ISA on mortgage rates.
Answered by Lucy Rigby
The pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut five times since this Government came to power.
ISAs incentivise saving and investment for future goals by providing tax advantages to individual taxpayers. The Government recognises the important role that cash savings play. The Government continues to consider reforms to ISAs and savings to achieve the right balance between cash savings and investment and ensure better outcomes for both savers and the UK economy.
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