Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate his Department has made of the number of mortgage defaults in Wales in each of the next 12 months.

We recognise this will be a concerning time for homeowners and mortgage holders. Anyone worried about making their mortgage repayments should speak to their lender as soon as possible.

Mortgage arrears and repossessions remain below pre-pandemic levels and three times lower than the levels we inherited in 2010. However, where mortgage borrowers do fall in financial difficulty, Financial Conduct Authority guidance requires firms to offer tailored support. This could include a range of measures depending on individual circumstances.

The Government has also taken a number of measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans for those in receipt of an income-related benefit, and protection in the courts through the Pre Action Protocol, which makes it clear that repossession must always be the last resort for lenders.