UK banks prepared to help households meet mortgage commitments -

26 March,

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UK banks prepared to help households meet mortgage commitments

Approach will help mortgage lenders to support borrowers and avoid repossessions

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Some of the UK's biggest banks are prepared to put in place measures to help mortgage holders struggling to make payments.
The move comes after the UK's major banks had talks with Chancellor Jeremy Hunt earlier this month to come up with a co-ordinated approach to deal with late payments and refinancing.
“We expect every lender to live up to their responsibilities and support any mortgage borrowers who are finding it tough right now,” Mr Hunt said at the time.
The so-called forbearance measures are aimed at allowing the major lenders more flexibility when it comes to finding re-financing options for their customers. The measures were used after the 2008 financial crisis to avoid an avalanche of home repossessions.
For example, some measures allow mortgage lenders to switch their customers to interest-only or lower fixed-rate deals without the customers having to retake an affordability test.


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