Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an estimate of the number of people on standard variable rate mortgages in (a) Weaver Vale constituency and (b) the North West.

According to UK Finance, c.20% of UK residential mortgages are on a variable rate. This includes standard variable rates, which mortgage borrowers typically revert to when their fixed-rate deal ends.

As set out in the statement published following the Chancellor’s roundtable with the major mortgage lenders, the Financial Conduct Authority and Martin Lewis in December, the majority of borrowers are able to switch to a new fixed-rate deal with their existing lender without undergoing an affordability test, providing they are up to date with payments and not looking to borrow more. The major mortgage lenders also committed to providing well-timed information to help customers plan ahead should their current fixed rate be due to end.