City regulator estimates 356,000 borrowers may be at risk of missing monthly payments by summer 2024
The UK regulator has told banks to consider slashing mortgage payments for borrowers struggling with rising bills, as it revealed that 356,000 homeowners could be at risk of missing their monthly instalments by summer 2024.
The 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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