Chancellor announces deal to ease mortgage pressures

Chancellor Jeremy Hunt has announced a deal to ease mortgage pressures on households affected by rising interest rates. The agreement will allow homeowners to have more flexibility over their repayments and discuss their financial situation with lenders without it impacting their credit score. Mortgage holders will be able to temporarily switch to an interest-only deal or extend their loans for up to six months. Banks will also have to wait 12 months after the first missed payment before ordering a repossession. Hunt said the new measures were "very important" for people "worried about their rates going up". 

Financial Times (24/06/2023)   The Daily Telegraph (24/06/2023)   The Guardian (24/06/2023)   The Times (24/06/2023)