Chancellor to press Britain’s major banks on what 'flexibilities' they can offer hard-pressed families.
The Bank of England is expected to raise interest rates again on Thursday by a quarter point to a 15-year high of 4.75% in a bid to fight unexpectedly sticky inflation, which was running at 8.7% in April. Official inflation data for May will also be published on Wednesday.Hunt said he would talk with major lenders later this week to discuss the challenges faced by some borrowers.
“I’ll be meeting the principal mortgage lenders to ask what help they can give to people struggling to pay more expensive mortgages and what flexibilities might be possible for families in arrears,” Hunt said. However, mortgage rates have risen rapidly in recent weeks as markets bet the BoE may have to raise its own interest rate as high as 6% next year to tackle persistent inflation.Trade body UK Finance estimates 800,000 Britons will need to refinance loans in the second half of this year, and a further 1.6 million in 2024.
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