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8 December 2022 | Other

Britain encourages banks to support households with flexible mortgage loans

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Britain strongly encouraged banks to support households experiencing difficulties with mortgage payments. In the current economic situation, a lot of clients face financial problems that are mostly driven by the growing cost of living crisis.

The need for household support was outlined by U.K. finance minister Jeremy Hunt at his meeting with bank executives this week. At the same time, the Financial Conduct Authority offered lenders some options to ease their strain as well.

Hunt expressed his hope that banks will fulfill their responsibilities and support mortgage borrowers as advised. Assistance to households can be expressed through switching them to lower fixed rates, extending terms of their loans, or reducing monthly payments.

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