Mortgages: Coronavirus:Written question - 57096

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Asked on: 09 June 2020
Treasury
Mortgages: Coronavirus
Commons
To ask the Chancellor of the Exchequer, what recent steps he has taken to mitigate the financial pressures faced by mortgage prisoners during the covid-19 lockdown; and what plans he has to enable mortgage prisoners to switch to new lenders.
A
Answered by: John Glen
Answered on: 15 June 2020

On 17 March the Chancellor announced the availability of a three-month mortgage holiday as part of an unprecedented package of support for individuals, businesses and the economy affected by Covid-19. This help was further extended on 2 June through the publication of FCA guidance. This guidance applies to all firms that engage in mortgage activities to instruct them to offer support to customers that are experiencing financial difficulty due to COVID-19.

The Government has also taken action with the FCA to support mortgage prisoners by removing the regulatory barriers that previously prevented some from switching. Lenders are currently making the necessary adjustments and system changes to enable mortgage prisoners to switch and we expect them to start offering borrowers products using the new rules soon.

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