Mortgage help from today: lenders pledge more help as rates soar

Banks and building societies have agreed to offer mortgage help with more flexibility to homeowners struggling with rising interest rates

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(Image credit: Getty images)

Homeowners struggling with soaring mortgage rates amid interest rate hikes will get more flexibility from today with their payments after bank bosses met the chancellor, Jeremy Hunt, in Downing Street and agreed to a series of support measures.

Borrowers will be able to make a temporary change to their mortgage for six months to give them some breathing space, while there will be a 12-month delay before repossession proceedings can start against those who have missed payments.

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.