Chancellor Jeremy Hunt has reached an agreement with banks and lenders to assist mortgage holders grappling with high interest rates, but has declined to provide government support.
Following a meeting with banks and building societies at Downing Street on Friday to address the crisis, Mr Hunt stated that they had agreed to implement a number of new mortgage rules.
These include a minimum 12-month period before repossessing homes. Furthermore, he announced that lenders had agreed to allow struggling borrowers to extend their mortgage terms or temporarily switch to an interest-only plan with "no questions asked".
