Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of mortgage interest rates on homeowners in Hamilton and Clyde Valley constituency.

The Government recognises the pressure that higher mortgage costs may be placing on homeowners across the UK, including in Hamilton and Clyde Valley.

Earlier this year, Ministers met the six largest mortgage lenders, alongside UK Finance, to discuss the outlook for mortgage rates and support for borrowers. At that meeting, lenders committed to contacting 1.6 million customers whose fixed-rate deals were due to end during 2026, so that they were aware of their options before their monthly repayments changed. Lenders also reaffirmed their commitment to the Mortgage Charter.

The Mortgage Charter covers around 90% of the mortgage market and provides eligible borrowers with short-term flexibility, including the option to switch temporarily to interest-only payments or extend their mortgage term for up to six months, without a new affordability check and without affecting their credit score.

Financial Conduct Authority rules also provide protections for borrowers, including requirements for lenders to treat customers fairly and offer appropriate support where needed. Homeowners in Hamilton and Clyde Valley who are concerned about their mortgage repayments should contact their lender at the earliest opportunity, as early engagement will help ensure that the widest range of support options can be considered.

The government recognises that many households have been faced with higher mortgage rates in recent years. That is why we are committed to building a stronger economy that works for everyone and that keeps taxes, inflation and mortgage rates as low as possible.