My question to the Chancellor about mortgages following the Bank of England’s decision to raise interest rates again to tackle inflation.
The Chancellor met with high street lenders and as of last week, 85% of them have signed up to a Mortgage Charter to help home owners with rising interest rates.
Under the charter - borrowers will not be forced to leave their home in less than a year from their first missed payment unless in exceptional circumstances.
Mortgagees can request a better deal with their lender right up until their new term starts, if one is available.
They can also switch to interest-only payments for six months, or extend their mortgage term to reduce their monthly payments without a new affordability check or affecting their credit score.
The Chancellor also met with consumer watchdogs like Ofwat and Ofgem over concerns some companies are boosting their profits by exploiting the inflationary pressures. There are issues with petrol and diesel too that MPs have campaigned on for some time.
I am getting increasingly angry with political games on this topic as I keep listening out for Labour Party ideas and solutions but there are none. Yet they continually attempt to claim they can solve this issue.
Interest rates have gone up around the world. This is a worrying time and the post pandemic financial outlook was always going to be tough.
The Chancellor and the Prime Minister are being honest with people about how difficult this is but they are committed to finding ways to help people in Stroud and across the country.
I will do whatever I can to help local people. My email is [email protected]
MP supports measures to help those with mortgages | Stroud Times
