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

Elon Musk accused of turning Twitter offices into...

December 8, 2022

Top female angels invest £4.5m to turbocharge opportunities...

November 3, 2022

Seven million Britons embrace crypto as Bitcoin soars...

November 26, 2024

Businesses in battle to find skilled staff

March 27, 2023

Best Learning Management Systems (LMS) in 2024

March 6, 2024

Set up a company in Estonia: Europe’s Most...

October 30, 2024

Trump set to announce major UK-US trade deal...

May 8, 2025

Energy Bills to Drop by £122 from July...

May 24, 2024

Fenix Charity Fund’s Impactful Year of Support for...

December 26, 2024

Carbon Footprint Calculators – An Essential Tool For...

January 17, 2023

    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

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • 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