Member

The Government are sympathetic to the challenges that mortgage prisoners face. They are, however, clear that a cap on rates does not seem to be the right solution. Our focus is on ensuring fair treatment, proper oversight and practical routes for borrowers who are struggling or who may have been unable to access appropriate support. As to the right course of action, as I have said, this deserves the attention of the Government, and we will continue to work with the FCA and the industry to ensure that lenders and administrators fulfil their responsibility to communicate clearly with affected borrowers, and provide appropriate support where people are in difficulty. We will also continue to pay close attention to the experience of those who remain unable to access suitable mortgage products. I am sorry that this answer will not meet the issues that the noble Baroness, Lady Kramer, and others have raised, but we are unconvinced that this amendment will solve the problem that needs to be addressed.