Homeowners who run into financial trouble will be able to make reduced payments under a deal brokered by Chancellor Jeremy Hunt at a summit with bank bosses.
The Treasury said 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 an 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 their payments.
Daily Mail
Stamp duty to be reversed in April 2025
Capital gains tax threshold reduced to £6,000
Inheritance tax threshold frozen at £325,000
Chancellor Jeremy Hunt has promised to keep Stamp Duty cuts in place until the end of March 2025, but the tax will rise after that date.
"This will create incentives to support the housing market by boosting transactions," he said.
The Chancellor said he would then "sunset" the cuts so that they are abolished but will be kept under review. He had previously said he would keep the Stamp Duty cuts but had not set a deadline for them.
MP for South East Cambridgeshire Lucy Frazer was confirmed as the latest Housing Minister as part of a department reshuffle yesterday.
Frazer becomes the ninth Housing Minister in the past five years.
A practicing barrister, Frazer was appointed a Queen's Counsel in 2013 and entered Parliament in2015.
She has previously been a Justice Minister, Solicitor General and Transport Minister.
Frazer has already been busy responding to Parliamentary questions.
Responding to a question on housebuilding targets on Monday, she said: "This Government is committed to making home ownership a reality for a new generation and we must build homes in the places that people want to live and work. We want decisions about homes to be driven locally and we want to get more local plans in place to deliver the homes we need. We will set out our approach on planning for housing in due course."
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The bank of England has hiked the interest rates by 0.75%, the biggest rise for more than 30 years.
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