Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to address the impact of rising mortgage rates on the length of mortgage terms and the resulting effect on the retirement age of mortgagors.

Average mortgage rates remain well below the recent peaks seen in Summer 2023 and Autumn 2022. However, this Government recognises that many households have been faced with higher mortgage rates in recent years. That is why we are committed to delivering economic stability to grow the economy and keep taxes, inflation and mortgage rates as low as possible.

Longer terms can help buyers to take their first steps onto the property ladder, and Financial Conduct Authority rules are in place to ensure that lending decisions take borrowers’ ability to repay into account.