Mortgages: Greater London
Question
Feryal Clark
To ask the Chancellor of the Exchequer, what assessment he has made of trends in the level of households in (a) Enfield North constituency, (b) the London Borough of Enfield and (c) London that have fallen into arrears with their mortgage payments in the last (a) six and (b) 12 months.
Answer
Andrew GriffithMortgage arrears levels remain at historically low levels.
Where mortgage borrowers do fall in financial difficulty, Financial Conduct Authority guidance requires firms to offer tailored support. This could include a range of measures depending on individual circumstances.
The Government has also taken a number of measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans for those in receipt of an income-related benefit, and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders.