Chancellor Jeremy Hunt agrees new mortgage rules with banks to help struggling households
manchestereveningnews.co.ukChancellor Jeremy Hunt has reached an agreement with banks and lenders to assist mortgage holders grappling with high interest rates, but has declined to provide government support.
Following a meeting with banks and building societies at Downing Street on Friday to address the crisis, Mr Hunt stated that they had agreed to implement a number of new mortgage rules.
These include a minimum 12-month period before repossessing homes. Furthermore, he announced that lenders had agreed to allow struggling borrowers to extend their mortgage terms or temporarily switch to an interest-only plan with "no questions asked".
In discussions with the heads of HSBC, Santander, Barclays, and others, Mr Hunt expressed particular concern for families at risk of losing their homes and those whose payments may skyrocket as their fixed-term rates expire.
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