Jeremy Hunt has met with banking bosses in a bid to resolve the country’s mounting mortgage crisis, a day after the Bank of England raised interest rates and put struggling households under even greater financial strain.
After summoning executives from the UK’s leading banks and building societies to Downing Street, the chancellor announced they had voluntarily agreed to allow borrowers to extend the terms of their mortgages or switch to an interest-only payment plan on a “no questions asked” temporary basis at no risk to their credit scores.
