The chancellor Rachel Reeves met with the UK’s six largest banks and building societies, alongside UK Finance and the economic secretary, on Thursday to assess the impact of the conflict in Iran on households and small businesses.
Lenders agreed to contact around 1.6 million customers whose fixed-rate mortgage deals are due to end this year, outlining available options and access to support ahead of any changes to repayments. The chancellor also reaffirmed the Mortgage Charter, which allows borrowers to secure a new rate up to six months in advance or switch deals with their existing lender without a new affordability check.
The charter also includes temporary measures such as switching to interest-only payments for up to six months, with support discussions not affecting credit scores. Lenders reported an increase in customer enquiries, although data indicates lending remains stable and arrears are low.
With around 86% of mortgages on fixed rates, most borrowers are not immediately exposed to short-term market fluctuations
Reeves commented: “In uncertain times, people need clear reassurance and practical help. That’s why I’ve brought the biggest lenders together to step up support and make sure anyone who is worried can access the mortgage charter options quickly, without their credit score being affected.”
Labour have screwed the economy then ask banks to pay for it
F off scum
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I know these words will fall on deaf ears. The world has become very polarised and many people are only prepared to accept “their truth” rather than the real truth.
But I would ask you quite sincerely, and with the aim of having a decent, honest, honourable, polite debate about the issue, back up with provable facts…
I should start by explaining that I grew up in a very Conservative household and voted for the Tories until they made themselves unelectable due to horrendous personal and professional behaviour in 1997. My dad was a stockbroker and I was a child brought up in awe of Maggie. I was proud that my father went out delivering leaflets on behalf of the local Conservative councillor. I also went to a fee-paying private school.
But in our debate I would start with a deferential “Have they?” And follow it with “I would love to review your evidence.”
All the proper detailed, professional, peer-reviewed expert analysis strongly states that the Conservatives managed to completely mismanage our economy in the aftermath of the Credit Crunch, then through Brexit and Covid.
There is almost no evidence that the Labour party have screwed the economy at all. Any “evidence” that I ever hear tends to start with “My mate says…” or “On Facebook I saw…” or “If you know where to look on the internet…” (That was from a cab driver 2 days ago when I tried to be sympathetic about how fuel prices must be affecting business). The conspiracy theories are WILD!
In fact, if you review the economy of our country, the Labour party has overall been responsible for sorting out the mess the Tories seem to get us into financially. Labour are far from perfect, but the Tories are even worse.
When your car stops running because the last person who drove it purposefully neglected to put petrol in it, who’s fault is it. Surely it’s not your fault, is it? You should have looked before you set off, yes. But if they also stole (sorry, spent) every last penny in your bank account on their buddies so that you have absolutely nothing left… What do you do then?
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