“This is a further component in the mechanisms put in place to help mortgage borrowers who are in difficulty, and has been worked up following discussions between government and a number of lenders. However, there is a fairly complex set of requirements and many borrowers won’t be eligible or it may not be suitable for their individual circumstances. It is unlikely to be an all purpose panacea for home owners who are struggling, but the fact remains that lenders are already providing substantial support and flexibility to help people stay in their homes. Repossession is an unwelcome outcome for lenders and they do everything in their power to avoid it.”
