UK Money News
21st April 2008
Darling to press lenders to allow mortgage holidays
Alistair Darling is to lobby banks to introduce new measures to relieve the mortgage repayment burden of indebted homeowners.
The chancellor is set to request more assistance from lenders at a summit this week as part of ongoing discussions over how best to alleviate the credit crunch.
Among the measures he will press for is the introduction of a mortgage holiday period for borrowers.
This would enable them to take a temporary hiatus in payments, with the money owed made up in the form of extra payments later on.
It is also thought that banks will be asked to introduce a scheme whereby they buy back their customers' property.
In return, the seller would be entitled to stay there as a tenant and pay rent to their lender.
An unnamed source told the Telegraph: "It's about saying firstly that they have got to be in a position to pass on the rate cuts, plus having a discussion about what to do about people who are in danger of defaulting on their mortgage payments.
"For example, putting people on flexible mortgages, so that they aren't being put into a position where they get into bad debt because they can't make their payments."
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