LONDON (Reuters) – British banks should live up to their responsibilities and support mortgage borrowers who are struggling to make payments in the cost of living crisis, finance minister Jeremy Hunt said on Wednesday.
Hunt’s comments came after he met with executives from Britain’s biggest high street banks including NatWest, Lloyds, HSBC and Barclays, as well as the chairman of regulator the Financial Conduct Authority and consumer champion Martin Lewis.
The banks agreed at the meeting to offer support to customers, the finance ministry said in a statement, such as switching to cheaper fixed rates without a new affordability test, extending a loan or lowering monthly payments.
“We expect every lender to live up to their responsibilities and support any mortgage borrowers who are finding it tough right now,” Hunt said.
(Reporting by Iain Withers; Editing by Mark Porter)
