Mortgage lenders have agreed to give borrowers a 12-month break before repossession proceedings following a meeting with Chancellor Jeremy Hunt (pictured) earlier today, according to a media report.
Earlier today, Hunt met with chief executives of major banks, including Lloyds Banking Group, Nationwide, Natwest and Virgin Money to discuss what further support could be offered to struggling mortgage borrowers.
According to a report in Sky News, another topic of discussion was that borrowers could go to their banks or lenders and talk about options if they are struggling with repayments without it impacting their credit rating.
It continued that Hunt said that people who extend the length of their repayment term or select interest-only plans can switch their decision within six months without an impact on their credit rating.
Figures from StepChange reveal that around seven million mortgage holders are struggling to keep up with their bills.
Calls for government to do more
Static inflation and the increasing base rate has also lead to an increase in mortgage pricing, which experts warn could lead to monthly mortgage payments rising dramatically for those coming to end of their fixed rate periods.
Both Hunt and Prime Minister Rishi Sunak ruled out introducing a government scheme, such as a mortgage interest relief scheme at source, arguing that injecting large amounts of cash into the economy could further inflation.
Labour and Liberal Democrats have called on the government to do more to offer support to mortgage borrowers, with the latter urging the government to reverse bank tax cuts and then using that to assist struggling homeowners.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
