Mortgages: Government Assistance
The question
To ask the Chancellor of the Exchequer, what recent discussions she has had with mortgage lenders on support available for homeowners experiencing financial difficulty.
Answered by Rachel Blake
The Government recognises the pressure facing mortgage borrowers across the UK. On 26 March 2026, the Chancellor met with the six largest mortgage lenders alongside UK Finance, to discuss the outlook for mortgage rates following the latest global developments. At this meeting, these lenders committed to proactively contact 1.6 million customers whose fixed-rate deals are due to end during 2026, setting out options well before payments change.
Lenders across the industry, including lenders with a significant presence in Northern Ireland, also reaffirmed their commitment to the Mortgage Charter. The Mortgage Charter is a voluntary agreement that covers 90% of the mortgage market and provides flexibilities to help borrowers manage their repayments over a short period. This includes permitting eligible borrowers to switch temporarily to interest-only payments, or extend their mortgage term, for six months, after which they can switch back without a new affordability check or affecting their credit score.
Financial Conduct Authority rules also provide significant protections for all borrowers, including ensuring all customers are treated fairly. Any borrower who is concerned about making their repayment should contact their lender. Seeking support and engaging with lenders to discuss options will not affect a borrower’s credit score in any way, and earlier engagement will mean that lenders can offer more support.
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