[INSIGHTS]: Chancellor agrees new support measures for mortgage holders

Government announcement here
Summary
In the face of new mortgage support measures introduced by the UK government and the Financial Conduct Authority (FCA), numerous challenges and potential implications have emerged for both banks and customers. The measures include an extension on repossession from seven months to 12 months after the first missed payment, and the option for customers to switch to an interest-only mortgage for six months. The practical application of these changes, however, has raised a host of complex questions.

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Key Summary Points

New mortgage support measures introduced by the UK government and the FCA.
The initiatives consist of an extension on house repossession and the option for customers to switch to an interest-only mortgage for six months.
The repossession extension is expected to have a muted impact due to the typical length of a repossession process.
The introduction of interest-only...