Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to help support mortgage holders with high interest rates; and whether he has had recent discussions with mortgage lenders on taking steps to support mortgage holders.

The pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, the Government is regularly in contact with mortgage lenders on all aspects of their business

The path to lower interest rates is through low inflation, and the government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.

The Government has taken steps to limit the impact of rising interest rates on mortgage holders, through the Mortgage Charter, which sets out the standards signatory lenders will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.

The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market.