Spotted by TBH in The Daily Mail:
Homeowners who run into financial trouble will be able to make reduced mortgage payments under a deal brokered by Chancellor Jeremy Hunt at a summit with bank bosses yesterday.
The Treasury said last night bank chiefs had agreed a series of measures to help struggling customers. Those who run into difficulty with payments will be offered targeted help, which could include a ‘short-term reduction in monthly payments’, a temporary switch to interest-only payments or extension of the mortgage term to reduce monthly costs.
Banks also agreed that households coming to the end of their fixed rates should be offered a new deal without another affordability test, provided they have kept up with payments.
This is how they will keep the credit/land price bubble going for another two or three years before the inevitable big financial crisis/house price crash in 2025. Apparently, a recent Welfare Reform Bill had similar measures for people claiming Universal Credit.
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