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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

FCA urges UK banks to consider cutting mortgage payments for those struggling

FCA United Kingdom
Top down aerial view of houses and streets in a residential area in the UK
The guidance does not go as far as that issued during the Covid-19 crisis, when lenders where urged to provide payment holidays and interest-only arrangements. Photograph: Samuel Foster/Getty Images/iStockphoto

The UK regulator has told banks to consider slashing mortgage payments for borrowers struggling with rising bills, as it revealed that 356,000 homeowners could be at risk of missing their monthly instalments by summer 2024.

The guidance from the Financial Conduct Authority confirms how lenders can support customers who have missed payments or are worried they may fall behind, including by extending the term of their mortgage to lower the monthly amount due, or temporarily slashing payments.

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