The chancellor has once again branded the mortgage payment deferral scheme as “six-month mortgage holiday” in his speech to the Conservative Party Conference, despite growing concern that borrowers who have taken up this support will have a harder time remortgaging.

Speaking at the online Tory party conference today, Rishi Sunak celebrated the unprecedented measures that the government has taken to support individuals and businesses through the pandemic.

He reiterated the wide range of policies brought in to prop up the economy and sustain those whose finances have been badly hit by Covid, from the Eat Out to Help Out scheme to furlough arrangements.

Among these interventions he cited the “six-month mortgage holiday”, before summarising: “I could go on… all these measures and more… delivered by a Conservative government as part of our plan to support jobs and livelihoods.”

But while the FCA has told lenders not to record a mortgage payment deferral during the course of the official scheme on borrowers’ credit files, experts have warned that it should not be considered a “holiday” as those who have delayed repayments may still find it more difficult to borrow in the future.

Sunak also used his speech to emphasise the importance of getting the UK’s spending back in line.

He said: “We will protect the public finances over the medium term getting our borrowing and debt back under control.

“We have a sacred responsibility to future generations to leave the public finances strong, and through careful management of our economy, this Conservative government will always balance the books.

“If instead we argue there is no limit on what we can spend, that we can simply borrow our way out of any hole, what is the point in us?”

Sunak added: “I have never pretended there is some easy cost-free answer.

“Hard choices are everywhere.

“I won’t stop trying to find ways to support people and businesses.”