Mortgages
The question
To ask the Chancellor of the Exchequer, what assessment her department has made of the impact of increasing oil and gas prices on fixed-rate mortgages in light of the conflict in Iran; and what steps her department will take to support homeowners affected by potential increases in mortgage rates.
Answered by Lucy Rigby
The government does not comment on specific market movements. It is normal for sterling markets to vary in response to global developments. Mortgage rates, which are influenced by a range of factors, are a commercial matter for lenders in which the Government does not intervene.
There are significant measures in place to protect vulnerable mortgage borrowers. Financial Conduct Authority (FCA) rules require lenders to engage individually with their customers who are struggling or who are worried about their payments. The Mortgage Charter also remains in place, providing additional flexibilities to help customers manage their mortgage payments over a short period.
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