Lenders have been urged to do more to help householders struggling to pay their mortgage amid the cost of living crisis.
New guidance published by the Financial Financial Conduct Authority (FCA) encourages lenders to think about what more they can do to help those who are in payment difficulty or at risk of missing payments because of rising interest rates and other hikes in the prices of fuel and food.
According to figures published by the FCA, there are around 200,000 home owners currently finding it hard to meet their monthly repayments, with fears that figure could grow to more than 350,000 by the middle of next year. Interest rates on mortgages are far higher than they were a year ago, with the cheapest fixed-rate deals now starting from 4%.
