The largest purchase most of us will ever make is to buy our own home.

I am acutely aware of the pressures on mortgage holders over recent months due to inflation and interest rates rising to levels not seen since the 2000s as a result of Russia’s war on Ukraine and recovery spending from Covid.

Recently the Chancellor of the Exchequer, Jeremy Hunt, met with leaders of Britain’s major mortgage lenders, the Chair of the Financial Conduct Authority (FCA) and Martin Lewis of Money Saving Expert. They discussed how lenders can provide further support for those who encounter problems paying their mortgage. Since then, we have seen Government make Support for Mortgage Interest easier to access, as well as record levels of funding for the Money & Pensions Service.

A new Mortgage Charter has now been agreed to give borrowers reassurance and support at this time.

Included in this package of measures is the ability for anyone worried about mortgage repayments to contact their lender for help and guidance, without any impact on their credit score.

There is also support for those customers who are up-to-date with payments to switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check. Lenders will also provide well-timed information to help customers plan ahead should their current rate be due to end, as well as offering tailored support for anyone struggling with highly-trained staff on hand to help.

The signatories to the Mortgage Charter have agreed that from 26th June, a borrower will not be forced to leave their home without their consent unless in exceptional circumstances, in less than a year from their first missed payment. Taking effect from 10th July, customers approaching the end of a fixed rate deal have the chance to lock in a deal up to six months ahead. The Chancellor has confirmed that customers will also be able to manage their new deal and request a better like-for-like deal with their lender right up until their new term starts, if one is available.

Additionally, a new deal between lenders, the FCA and Government permits customers who are up-to-date with their payments to switch to interest-only payments for six months, or extend their mortgage term to reduce monthly payments and give customers the option to revert to their original term within six months by contacting their lender.

In Parliament we often hear suggestions from the opposition benches which would make inflation worse, and put pressure on the Bank of England to raise interest rates further.

Such measures would not go to support hard-working Crawley taxpayers.

In Parliament I will continue to hold the Government to account to ensure support gets to where it is needed most.

Henry Smith MP