Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department is taking steps to help support people who took out mortgages before 2008 with regulated banks which subsequently collapsed and are now unable to switch to new mortgage deals.

The Government understands that being unable to switch your mortgage can be extremely concerning, and, alongside the Financial Conduct Authority and industry, have shown we are willing to act through the introduction of a ‘modified affordability assessment’. We are also regularly in contact with key stakeholders, including recently with the All Party Parliamentary Group on Mortgage Prisoners.

The Government remains committed to this issue, and welcomes any further practical and proportionate solutions that would meaningfully assist affected borrowers and be fair to other borrowers in the wider market.