Question to the HM Treasury:

To ask Her Majesty’s Government whether they have any plans to regulate further the granting of residential mortgages at high multiples of income.

The Government has no plans to regulate mortgages at high multiples of income.

The Government has granted the Financial Policy Committee (FPC) powers of direction with regard to owner-occupied mortgages. The Government recently brought forward secondary legislation to grant the FPC powers of direction with regard to buy to let mortgages as well. This instrument has been debated and approved in this House and the other place.

The FPC is a policy committee of the independent Bank of England. It is for the Committee to decide if, when and how to use its powers.