Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he has taken to support pensioners with changes in their mortgage costs as a result of (a) increases in the cost of living and (b) rises in interest rates.

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.

The pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. Where mortgage holders, including pensioners, do fall into 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.

The Government recognises the challenges facing households – including pensioners – due to elevated costs of living, so has taken action so has taken action at Spring Budget 2023 to go further to protect struggling families. Taken together, support to households to help with higher bills is worth £94 billion, or £3,300 per household on average, across 2022-23 and 2023-24 – one of the largest in Europe.