Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the increases in the cost of living on the number of households in (a) Coventry North East constituency, (b) Coventry, (c) the West Midlands and (d) England that have fallen into arrears with their mortgage provider.

Ministers and officials meet regularly with industry, trade bodies, and regulators to understand their policies and the impact of the increased cost of living on mortgage borrowers.

Bank of England data published on 8 March 2022 shows that arrears levels remain low, with the proportion of total mortgage loan balances with arrears at 0.84%, the lowest since recording began in 2007.

The Government understands the pressures households face in the current cost of living context. These are global challenges, but the Government is providing support worth over £22 billion in 2022-23 to help households with these pressures, including providing millions of households with up to £350 to help with rising energy bills.

The Government is also continuing its efforts to support mortgage borrowers. For example, the Government offers Support for Mortgage Interest (SMI) loans to homeowners in receipt of an income-related benefit to help prevent repossession. The Government also aims to help people avoid repossession through protection in the courts under the Mortgage Pre-Action Protocol which makes it clear that repossession must always be the last resort for lenders. Any borrowers worried about their mortgage payments should make early contact with their lender to discuss the forbearance options available to them.