Chancellor Jeremy Hunt has unveiled new measures to help struggling mortgage holders - but there will be no bailout from the government. Speaking after a summit with high street bank chiefs, Mr Hunt set out a new plan to help homeowners struggling after the latest interest rates hike, The Mirror reports.
People battling to pay their mortgages will be able to go to their banks or lenders and speak about their options, without it impacting their credit score, Mr Hunt said. And those who change the length of their repayment term or go onto interest-only plans can reverse this decision within six months without it impacting their credit rating.
Mortgage lenders have also promised to introduce a 12-month waiting limit before they start repossessions. But Mr Hunt stopped short of announcing any direct support from the Government for mortgage holders, which both Tory ministers and Labour believe risks fuelling inflation.
