FCA urges UK banks to consider cutting mortgage payments for those struggling
www.theguardian.comCity regulator estimates 356,000 borrowers may be at risk of missing monthly payments by summer 2024
A guidance from the Financial Conduct Authority confirms how lenders can support customers who have missed payments or are worried they may fall behind, including by extending the term of their mortgage to lower the monthly amount due, or temporarily slashing payments.
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Sounds like the regulator is doing its job. Many households going bankrupt and/or loosing their home at the same time is bad for the overall economy, not just for the affected owners.