Article 6CDF7 Mortgage crisis: UK lenders agree to 12-month grace period on repossessions

Mortgage crisis: UK lenders agree to 12-month grace period on repossessions

by
Alex Lawson, Rowena Mason and Anna Isaac
from on (#6CDF7)

Measure among three to emerge from meeting to help struggling households after sharp rate hike

Struggling mortgage holders will be given a 12-month grace period before their repossession proceedings begin, in an agreement between Jeremy Hunt and Britain's biggest lenders.

The chancellor held a meeting with Britain's biggest banks and building societies on Friday to ask if they could do more to support households facing a sharp rise in monthly payments on their mortgages after the Bank of England intensified its battle to tame high inflation by increasing interest rates by half a percentage point to 5% on Thursday.

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