Laura WilesThe Chancellor and Economic Secretary have assembled the six largest banks and building societies, as well as UK Finance, to discuss the impact of the Iran conflict on households and small businesses, and to reaffirm the Mortgage Charter.
The Government recognises that consumers and small business have concerns about the impact of rising prices and recent volatility in global markets which might in turn impact mortgage rates.
Following the meeting, mortgage lenders across the industry have reaffirmed their commitment to the Mortgage Charter, which since 2023 has provided additional flexibilities to help borrowers manager their transition to a higher mortgage rate than has been the norm over the previous decade.