division_name: Opposition Day &#8212; Mortgage and Rental Costs
motion: <p class="indent" pid="c170.4/2" pwmotiontext="yes">That this House is extremely concerned that, under this Conservative Government, average mortgage costs will be increasing by &#163;2,900 per year, with a typical household in the UK paying over &#163;2,000 more per year than in France and over &#163;1,000 more than in Ireland and Belgium, and that renters face huge increases in rent payments; condemns the Government for its slowness in acting to support millions of homeowners and renters and so alleviate the impact of its policies; calls on the Government to bring in mandatory measures, as the current voluntary measures could lead to around one million homeowners missing out on support, and to immediately adopt measures to ease the mortgage crisis and halt repossessions by guaranteeing support from lenders for struggling mortgage borrowers and strengthening the rights of renters; in particular calls on the Government to require lenders to allow borrowers to switch to interest-only mortgage payments for a temporary period, to lengthen the term of their mortgage period, to reverse any support measures when requested and to make mandatory repossession restrictions; and further calls on the Chancellor of the Exchequer to instruct the Financial Conduct Authority to urgently issue guidance that the credit score of borrowers should be unaffected by any temporary switches to interest-only mortgage payments or lengthening of their mortgage period and to introduce a renters&#8217; charter that would end no-fault evictions immediately.</p>
  
  <p class="indent" pid="c172.4/8" pwmotiontext="yes">&#8220;They have to create uncertainty and frailty."</p>
  
  <p class="indent" pid="c175.0/2" pwmotiontext="yes">&#8220;welcomes the Government&#8217;s drive to halve inflation, grow the economy and reduce debt; particularly welcomes the Government&#8217;s new Mortgage Charter which has been agreed by 85 per cent of the residential mortgage market and will provide support to mortgage holders through new commitments and flexibilities to help borrowers who are anxious about rising interest rates; notes the extensive package of cost of living support to help families with rising prices, worth an average of &#163;3,300 per household including direct cash payments to the eight million most vulnerable households; and further believes that Labour&#8217;s policies to manage the economy would be inflationary, lead to higher interest rates and put more pressure on mortgage holders and renters.&#8221;</p>
  
  <p class="indent" pid="c180.1/3" pwmotiontext="yes">&#8220;the Government&#8217;s drive to halve inflation, grow the economy and reduce debt&#8221;.</p>
  
  <p class="indent" pid="c180.1/12" pwmotiontext="yes">&#8220;Going interest-only can work but only for the right kind of borrower, someone with a good financial history of repayments, someone with plenty of equity in their home who is just looking for some breathing space.&#8221;</p>
  
  <p class="indent" pid="c180.1/15" pwmotiontext="yes">&#8220;There is a group of several million people who could be seeing their mortgage costs rise by about &#163;3,000 in a year and that is a lot for a middle-income household to bear. So it is going to be tough for them. Conservatives believe in the property-owning democracy&#8221;&#8212;</p>
  
  <p class="indent" pid="c180.1/17" pwmotiontext="yes">&#8220;We&#8217;ve seen tragically a narrowing of homeownership over the last decades. That in turn means that if you&#8217;re trying to use interest rates, mortgage rates to drive disinflation, you&#8217;ve got a smaller group to operate on and they feel more intense pain.&#8221;</p>
  
  <p class="indent" pid="c180.1/22" pwmotiontext="yes">&#8220;Low income renters face a catastrophe&#8212;they can&#8217;t rely on housing benefit as it&#8217;s been frozen since March 2020 and is completely inadequate. There isn&#8217;t nearly enough social housing to go round and over a million households are on waiting lists for the few genuinely affordable homes we do have.&#8221;</p>
  
  <p class="indent" pid="c183.2/4" pwmotiontext="yes">&#8220;Dear Chief Secretary, I&#8217;m afraid there is no money. Kind regards&#8212;and good luck!&#8221;</p>
  
  <p class="indent" pid="c186.0/2" pwmotiontext="yes">&#8220;inflation is the biggest destroyer of all&#8212;of industry, of jobs, of savings&#8221;.</p>
  
  <p class="indent" pid="c188.2/7" pwmotiontext="yes">&#8220;This crisis should prompt longer-term questions about the peculiarities of the UK market&#8221;&#8212;</p>
  
  <p class="indent" pid="c188.2/9" pwmotiontext="yes">&#8220;with little lending at above five years fixed and essentially none above 10 years, the UK looks an outlier even in Europe&#8221;.</p>
  
  <p class="indent" pid="c188.2/11" pwmotiontext="yes">&#8220;This interest rate shock will prove uncomfortable for many. But it should also prompt fresh debate on what might create a less dysfunctional mortgage market in the future.&#8221;</p>
  
  <p class="indent" pid="c189.0/2" pwmotiontext="yes">&#8220;we&#8217;ve got to hold our nerve, stick to the plan and we will get through this.&#8221;</p>
  
  <p class="indent" pid="c189.0/4" pwmotiontext="yes">&#8220;an extraordinary, Orwellian, meaningless, evasive word salad&#8221;</p>
  
  <p class="indent" pid="c189.0/6" pwmotiontext="yes">&#8220;as much of a mendacious, narcissistic sociopath as his previous boss&#8221;.</p>
  
  <p class="indent" pid="c191.0/7" pwmotiontext="yes">&#8220;Yet now the time bomb has exploded and we're scrambling about what to do.&#8221;</p>
  
  <p class="indent" pid="c208.3/6" pwmotiontext="yes">&#8220;additional borrowing both pumps more money into the economy, potentially increasing inflation, and also drives up interest rates.&#8221;</p>