scheme. we have also established a new fca duty which will protect people with mortgages, for example, moving them onto interest only mortgages or lengthening mortgage terms. and we have spent tens of billions of pounds supporting people with the cost of living, particularly the most vulnerable. but that is the difference between us, mr speaker. while he has always focused on the politics, we are actuallyjust focused on the politics, we are actually just getting focused on the politics, we are actuallyjust getting on and doing thejob. actually ust getting on and doing the ob. , , actually ust getting on and doing the “0b. 3 , . actually ust getting on and doing the ob. , , ., ,, the ob. let s test that, because the job. let s test that, because the question the job. let s test that, because the question he the job. let s test that, because the question he refuses - the job. let s test that, because the question he refuses to - the job. let s test that, because i the quest
and their plight should keep them awake at night, because over the next few years, 7.5 million people are going to be in the same boat. all paying the tory mortgage penalty. month after month after month. the situation is so dire that repossessions are already up 50%, a total betrayal of the idea that if you work hard, you will get on. so what is the prime minister going to do to make sure more families don t lose their homes? i know he is reading from his prepared script, but he failed to actually listen to the answer that i gave stop i did actually spell out in detail what we are doing. we increase the generosity of support for mortgage interest scheme, proactively in advance. we have also established a new fca consumer duty that will protect borrowers, for example, by allowing them to extend their mortgage terms or switch to interest only mortgages. and we have
lenders are coming out with different ways of helping clients. they are looking at extending mortgage terms out for a longer periods of time. how long is the longest? some lenders will go up to the age of 80. 80?! yeah. itjust depends. it is all lender specific. in terms of the term lengths, sort of 30 years, a0 years? yes, we can go up to a 40 year term as well. a new ifs analysis by age and region shows people in their 20s and 30s most affected by rising mortgage costs, facing a £300 £360 a month hike. and those in london and the south east, where house prices and mortgages are the highest, face a bigger hit. people such as ewan, a management consultant, having to find an extra £400 a month. i remember speaking to a friend of mine, he locked in a five year mortgage. we said, he will end up on
you can see all the inflationary pressures that have hit the economy, from the wheat price, to fresh veg, dairy, and of course, energy prices. the packaging, too. and whilst so much of that has been global in nature, pushing up the prices, from now on in, there are real questions about whether there s uk specific domestic factors that will keep inflation higher than it is elsewhere. that british inflation surprise, all too visible in our restaurant bills, has been transferred into financial markets, pushing up the effective interest rate on two year loans to government to a new 15 year high. and that, in turn, is having a direct impact on the mortgage market. absolutely fine. what s your name, please? this brighton mortgage broker says people are accepting extraordinary changes to the length of their terms to keep monthly costs down. lenders are coming out with different ways of helping clients. they are looking at extending mortgage terms out for a longer periods of time. how long is
neil: all right, the goal is decent i guess. help those with lower credit ratings secure a mortgage. but to do so at the expense of those good credit ratings and indeed have them pay more, could that be a set up for another housing meltdown if it gets out of control? real estate broker, what she thanks of this. that is the worry, right? good intentions could go awry when you think of? that is the worry i feel like were back in 2006 what we are giving people who are unqualified the ability to take on a mortgage and buy a home. and now we are actually rewarding them with better mortgage terms and hurting people who have worked so very hard to build their credit score. it makes no sense at all. we look back at what debt management it is is the ability to manage debt.