Mortgage flexibility from lenders is to be welcomed - The Yorkshire Post says

It was around 15 years ago that banks had to go cap in hand to the taxpayer to prevent the entire financial system collapsing.

The Great Recession of 2008 was a global event and there were several factors that brought the world of finance to its knees but it was clear that the banks had played a role in precipitating the crisis.

Therefore it is a moral imperative that these financial institutions that were bailed out by the taxpayer now show a degree of latitude to stricken mortgage lenders. The move to allow borrowers to make a temporary change to their mortgage terms and then return to their original deal within six months is to be welcomed. As is protecting the credit score of those switching terms in these circumstances.

The fact that lenders also agreed to a 12-month delay before taking repossession proceedings against borrowers unable to pay over the long term will provide temporary relief to those borrowers that do fall into real trouble.

It isn’t just morally right but also makes business sense. Majority of these people who could afford mortgages before but can’t now, are in this position through no fault of their own. When the economy corrects, they are the very customers the banks will need to continue paying mortgages.

Beyond mortgages, banks also need to look at how they’re treating savers. Personal finance expert Martin Lewis is right to say that it is “absolutely outrageous” that the rates savers are sitting on are lagging behind the rates being charged to borrowers.