The government cannot sit on the sidelines of the mortgage crisis – it must find solutions

Editorial: A national effort is required to come through the current storm but it cannot be waged by anyone except the government

Ministers need to do more than scapegoating (PA)

The measures to help mortgage payers survive the crisis caused by rising interest rates announced by Jeremy Hunt are welcome – but they are only a start.

After talks with lenders in Downing Street, the chancellor said borrowers would be able to extend the term of their mortgages or move to an interest-only plan temporarily with “no questions asked” and without affecting their credit rating if the change is reversed within six months. Lenders also agreed to implement a 12-month minimum period from a first missed payment before repossessing homes without consent.

However, some banks already operate such measures – which is no surprise, since Mr Hunt made similar noises after meeting them last December. He said then: “We expect every lender to live up to their responsibilities and support any mortgage borrowers who are finding it tough right now.”