Britain unveiled help for millions of cash-strapped homeowners facing soaring mortgage costs in a cost-of-living crisis.
AFP/Daniel Leal
Finance Minister Jeremy Hunt said he had agreed a"mortgage charter" with top UK lenders for struggling customers, including those in arrears.The measures announced follow a meeting with bank chiefs and the Financial Conduct Authority watchdog, include mortgage holidays to give payment flexibility and a 12-month minimum period before repossessing homes.
Hunt said the Treasury was"particularly worried" about people"at real risk" of losing their homes because they fall behind in their mortgage repayments. "These measures should offer comfort to those who are anxious about high interest rates and support for those who do get into difficulty," said Hunt.
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