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.
