Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has had recent discussions with mortgage lenders on later-life lending for pensioners with outstanding borrowing at the end of their mortgage term.

The pricing and availability of mortgages, including the extension of additional facilities post maturity or eligibility for suitable later life lending products, are commercial decisions for mortgage lenders in which the Government does not intervene.

However, the Government is regularly in contact with mortgage lenders on all aspects of their business, including the provision of finance to different cohorts of borrowers.

The UK benefits from a competitive later life lending market and there are various options available to later life borrowers, depending on their circumstances. Prospective borrowers should speak to a later life lending mortgage broker, who will be able to assist them in identifying any products for their circumstances. Where individuals are concerned about their ability to make their mortgage repayments, they should contact their lender to understand what options are available to them. There are significant measures in place to protect vulnerable mortgage borrowers, the Financial Conduct Authority’s rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support.