Homeowners who struggle with mortgage payments will get help under new deal trends now

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Homeowners who run into financial trouble will be able to make reduced mortgage payments under a deal brokered by Chancellor Jeremy Hunt at a summit with bank bosses yesterday.

The Treasury said last night 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 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 payments.