Prime Minister Rishi Sunak has drawn criticism over the recently unveiled support measures for mortgage holders, which were announced by Chancellor Jeremy Hunt on Friday.
During an interview on the BBC’s Sunday with Laura Kuenssberg programme, the PM highlighted the various options available to mortgage payers.
Whilst the measures aim to provide assistance to those facing financial challenges, they have faced criticism from the opposition including the Labour Party and the Liberal Democrats, who argue that the Government’s efforts fall short of addressing the broader issues faced by mortgage holders.
Sunak’s comments came in response to questions about the support measures, as he stated, “Now we have the welfare system, there’s a support for mortgage scheme for people who are particularly vulnerable.
“But for others, they can talk to their bank, they can request an extension to their mortgage, or a switch to an interest-only mortgage.
“None of that will have an impact on their credit rating, and it will save them potentially hundreds of pounds per month on their mortgage payments.”
However, the comments from Sunak have drawn criticism from opposition leaders. Lisa Nandy, Labour’s Shadow Secretary for Levelling Up Housing and Communities, expressed concerns about the voluntary nature of the support measures and called for mandatory implementation to ensure that all mortgage payers have access to the support they need.
“We estimate that significant numbers of people won’t be able to access any support at all unless the measures become mandatory so that all mortgage payers, not just some, have access to these measures that give them more flexibility to extend mortgage terms, to be able to shift from one type of mortgage to another,” Nandy said.
Echoing similar sentiments, Liberal Democrat leader Ed Davey criticised the Prime Minister’s remarks, calling them “patronising advice” and asserting that more comprehensive support is needed for struggling homeowners.
“Rishi Sunak’s patronising advice to struggling families coping with the cost-of-living crisis shows why he is not up to the job. People need help, not a Prime Minister instructing them to hold their nerve,” Davey said.
The opposition parties argue that the Government’s support measures should go further in addressing the affordability crisis and providing comprehensive support to mortgage holders.
As the situation unfolds the Government is already facing pressure from opposition leaders to take more decisive action.
