Finance minister Jeremy Hunt told banking bosses at a meeting on Wednesday he expected them to help borrowers, while the Financial Conduct Authority laid out options the regulator said lenders should adopt to ease the strain.
“We expect every lender to live up to their responsibilities and support any mortgage borrowers who are finding it tough right now,” Hunt said in a statement after the meeting.
Attendees included NatWest Chief Executive Alison Rose, Nationwide CEO Debbie Crosbie, HSBC UK CEO Ian Stuart, Lloyds CEO of consumer lending Jasjyot Singh, consumer campaigner Martin Lewis and FCA Chairman Richard Lloyd.
The lenders agreed to offer support such as switching to cheaper fixed rates without a new affordability test, extending a loan or lowering monthly payments, the finance ministry said.
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