If ever there was a more pointless meeting.....
So lenders have said they will agree, temporarily, to not repossess until you are 12 months in arrears. There will be an end date to the this agreement though, so you can imagine how quickly they will pounce once the moratorium ends.....
Also - they have agreed to let borrowers switch to interest only for up to 6 months, no questions asked. What they're not saying is that in 6 months time, your repayments will need to be recalculated as you'll owe the same, but have a shorter term in which to repay the balance. An extension of the term may also be possible, which might cancel this out though.
And to those hundreds of thousands of borrowers already on interest only, where the term of the mortgage is irrelevant - not a peep.
Get the feeling the government are kicking the can down the road, avoiding the issue until the next general election, where my dog has more chance of being voted in than this pathetic bunch.