PARLIAMENTARY WRITTEN QUESTION
Mortgages: Interest Rates (18 October 2017)
Question Asked
To ask Mr Chancellor of the Exchequer, what discussions he has had with Cabinet colleagues on the potential effect of an increase in the bank rate on the number of households subject to eviction.
Asked by:
Darren Jones (Labour)
Asked by:
Darren Jones (Labour)
Answer
As was the case with previous Administrations, it is not the Treasury's practice to provide details of these discussions.
The Financial Conduct Authority has put in place regulations protecting borrowers, including a requirement that lenders should deal fairly with customers in payment difficulties. Lenders are also required to conduct an interest-rate ‘stress test’ on all new mortgages. This insures against the risk of a significant increase in the number of indebted households in the case of an interest rate rise.
Answered by:
Steve Barclay (Conservative)
24 October 2017
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