Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the protections available to existing homeowners whose properties have become unmortgageable due to retrospective changes in lender policies or surveyor risk assessments.

HM Treasury is regularly in contact with mortgage lenders and the Financial Conduct Authority to discuss lending conditions.

The pricing and availability of mortgages is a commercial decision for mortgage lenders in which the Government does not intervene. Lenders are responsible for setting their own lending criteria, including decisions about the properties on which they are willing to lend. These criteria may consider a range of factors, including property valuations and the risks associated with certain property types, such as former commercial buildings that have been converted for residential use.

The UK benefits from a competitive mortgage market, with a wide variety of products available, and mortgage brokers can help prospective borrowers identify products that are suitable for their individual circumstances, whether from a mainstream or a more specialist lender.

The Government is committed to making the aspiration of home ownership a reality for as many households as possible. At the Budget, the Government announced a range of measures to support more people to purchase their first home, including the Your First Home scheme and the First Time Buyer ISA.