Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Hunt and big banks set to ease mortgage pain with repossessions grace period

by June 25, 2023
June 25, 2023
Hunt and big banks set to ease mortgage pain with repossessions grace period

Mortgage holders will get a 12-month grace period before banks begin repossessions on their homes, Jeremy Hunt has announced, after a crunch meeting with lenders at No11.

The Chancellor said ministers were “particularly worried” about people falling behind on payments or having to switch deals at the end of a fixed rate mortgage.

He announced measures agreed with banks to cool simmering inflation and a growing interest rates crisis, including a 12-month ban on repossessions.

After summoning lenders including Barclays, Lloyds, HSBC, Natwest and Santander for crunch talks this morning, Hunt told broadcasters the banks had agreed to three “very important things”.

Borrowers will be able to talk to their bank or lender with “no impact whatsoever” on their credit score, he said.

While anyone who switches to interest-only or extends their mortgage term, will be able to switch back within six months with “no questions asked” and no effect on their credit score.

Hunt said he thought the move would “give people a lot of comfort and stop people worrying about conversations with their banks when they are worried about their financial situation”.

And mortgage holders who are at risk of losing their homes will have a “minimum 12-month period before there’s a repossession without consent,” he added.

The Chancellor and former health secretary also pledged that tackling inflation was he and prime minister Rishi Sunak’s “number one priority”.

He said: “We are absolutely committed to supporting the Bank of England in doing what it takes. We know the pressure that families are feeling.

“We will do what it takes and we won’t flinch in our resolve because we know that getting rid of high inflation from our economy is the only way that we can ultimately relieve pressure on family finances and on businesses.”

Read more:
Hunt and big banks set to ease mortgage pain with repossessions grace period

0
FacebookTwitterGoogle +Pinterest
previous post
Lidl gets injunction over Tesco trademark infringement which could cost UK’s biggest grocer £8m
next post
Heathrow security staff call off strikes

You may also like

Government Warned Weak Heat Pump Uptake Hampers Emission...

March 18, 2024

Midlands hit hardest in economic ‘perfect storm’

June 19, 2023

Looking ahead to 2025: Increased costs for employers ...

January 15, 2025

Spring Has Sprung — All the Keter Pieces...

April 24, 2024

Getting To Know You: Ava Whetstone-Magee: founder, Avalanche...

February 4, 2023

WhatsApp to introduce adverts as Meta pushes to...

June 17, 2025

What does the budget mean for the ever-evolving...

April 2, 2024

Bidders vying for Wilko given Wednesday deadline for...

August 15, 2023

The Fastest Managed WordPress Hosting in New Zealand

February 8, 2023

Jack’s Burgers in Southwold Crowned Best Burger in...

August 5, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • ‘Gender bonus bias’ revealed as men nearly 1.5 times more likely to receive bonuses than women

      August 28, 2025
    • Four in five online small businesses expect growth despite UK economic headwinds

      August 28, 2025
    • Tesla sales slump 42% in Europe as BYD overtakes market share

      August 28, 2025
    • “XRP Futures Hit $1B — WinnerMining Cloud Mining Shows You How to Earn $1,850 a Day”

      August 28, 2025
    • UK to fast-track next-gen RNA therapies with £30m Darlington biofoundry

      August 28, 2025
    • Government looks at applying National Insurance to rental income in Autumn Budget

      August 28, 2025

    Categories

    • Business (8,907)
    • Investing (2,246)
    • Politics (16,503)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved