Chancellor Jeremy Hunt Rejects Calls for Major Financial Support to Mortgage Holders

Hunt stated that offering mortgage relief schemes would "make inflation worse, not better," and instead, he will meet mortgage lenders to discuss ways to help households struggling with rising bills.

The government has already provided £3,300 on average to help ease cost of living pressures.

However, Conservative MP Sir Jake Berry asked Hunt to consider reintroducing mortgage interest relief at source to avoid a "mortgage bomb," but Hunt declined, stating that such schemes would be inflationary.

The Bank of England has been raising interest rates to reduce inflation and the cost of borrowing, including for a mortgage, has increased.

Lenders have been pulling deals and raising rates at short notice.

The Liberal Democrats have also called for mortgage relief and a mortgage protection fund, but the government said it would delay bringing down inflation.