The average two-year fixed mortgage rate now being demanded of borrowers has climbed above the levels seen last year when financial markets baulked at the government's mini-budget
Representatives of Lloyds Banking Group, Santander UK, Skipton Building Society, Nationwide and Paragon Banking Group were asked by the MPs' committee to explain the help available to customers as pressure on budgets mounts.
Andrew Asaam, homes director for Lloyds, said the industry's new mortgage charter, agreed with the chancellor, brought"clarity" and"consistency" for consumers.The deal means struggling borrowers can switch to interest-only payments for six months and extend their mortgage term to reduce monthly payments.The measures to help mortgage holders
Mortgage lenders are also prevented from evicting people from their homes less than a year from their first missed payment. There have been claims that some market participants have deliberately raised rates to make them uncompetitive because of struggles juggling high volumes of customer enquiries in the evolving market.
HSBC's UK boss Ian Stuart told Sky News last month that it was working to bolster mortgage capacity after being forced to temporarily make its products unavailable to brokers.June: HSBC UK chief's mortgage warningMr Stuart spoke of a"shock" for 300,000 HSBC borrowers coming off fixed rate deals this year, given they would have faced rates around 1.5% at the time their home loan was taken out.
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