Mortgage lenders and Chancellor Jeremy Hunt have agreed that people should be given a 12-month break before repossession proceedings start amid soaring interest rates.
After the rise of the base rate to 5%, Mr Hunt met with leaders of financial institutions including Lloyds, NatWest, Barclays and Virgin Money.
They agreed that the repossession break should be introduced – similar to the one implemented during COVID.
Mr Hunt spoke after the Downing Street summit about an option for people to go to their banks or lenders and speak about their options, if they are struggling with repayments, without it having an impact on their credit rating – although this had been mentioned as early as March this year by the Financial Conduct Authority (FCA).
He said that people who change the length of their repayment term or go on to interest-only plans can reverse their decision within six months without it impacting their credit rating.
But there was no announcement of support for people who rent, who are facing landlords hiking prices or selling properties from under them due to rising mortgage costs.
The chancellor said: “There are two groups of people that we’re particularly worried about.
“The first are people who are at real risk of losing their homes because they fall behind in their mortgage payments.
Advertisement
“And the second are people who are having to change their mortgage because their fixed rate comes to an end and they’re worried about the impact on their family finance since the higher mortgage rates.”
Chancellor’s mortgage plan might mitigate against chaos – but it will not prevent pain
There was never going to be an announcement on Friday about direct “bailout” style funding for those struggling with their mortgages.
Both the government and Labour agree that would risk fuelling inflation further.
So what we have instead is a beefing up of existing tools available to lenders and a reintroduction of some of the easements seen during the pandemic.
The difficulty may be that the sheer depth and length of this mortgage squeeze will likely still leave many wanting more from both the banks and the government.
Similar repossession breaks were introduced during the pandemic.
An announcement several hours later included data from the FCA, showing 0.86% of residential mortgages were in arrears in the first quarter of 2023 compared with 3.32% in 2009 after the financial crash.
It added that the proportion of disposable income spent on mortgage payments is 5.4%, compared with 10% in the 1990s.
Spreaker
This content is provided by Spreaker, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spreaker cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spreaker cookies.
To view this content you can use the button below to allow Spreaker cookies for this session only.
Martin Lewis, the founder of MoneySavingExpert.com, said; “I met the chancellor on Wednesday and reiterated that the minimum we needed was to ensure that when people asked for help from lenders, they knew that if things changed, it wouldn’t be detrimental to their financial situation and their credit scores would be protected as much as possible.
“I’m pleased to see it looks like the chancellor has listened and those measures are going to be put in practice by the banks. We need to make sure everybody knows their rights if they are in trouble with their mortgage, so they can feel comfortable speaking with their lender and understand the measures that they can request for help.”
Volodymyr Zelenskyy has said his country is “ready to meet” Russian representatives after Vladimir Putin suggested peace talks in Istanbul from Thursday.
Russia‘s president put forward the proposal as European leaders including Sir Keir Starmer threatened him with fresh sanctions if Russia failed to comply with an unconditional 30-day ceasefire starting on Monday.
Reacting to Mr Putin’s suggestion, US President Donald Trump said it was “a potentially great day for Russia and Ukraine” and he would “work with both sides to make sure it happens”.
Mr Zelenskyy has also welcomed the proposal, but reiterated his call for a ceasefire.
He said: “It is a positive sign that the Russians have finally begun to consider ending the war. The entire world has been waiting for this for a very long time. And the very first step in truly ending any war is a ceasefire.
“There is no point in continuing the killing even for a single day. We expect Russia to confirm a ceasefire – full, lasting, and reliable – starting tomorrow, May 12th, and Ukraine is ready to meet.”
On Saturday, the prime minister met the Ukrainian president alongside French President Emmanuel Macron, recently elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk in Kyiv.
More on Russia
Related Topics:
Announcing the 30-day ceasefire proposal, the leaders said they had secured the backing of Mr Trump after briefing him on the progress made on the so-called “coalition of the willing” plans in a 20-minute phone call.
Russian President Vladimir Putin is playing for time and may have been caught on the hop by European leaders, backed by US President Donald Trump, demanding a 30-day ceasefire during their visit to Kyiv yesterday.
Russia’s proposal of talks in Istanbul on Thursday appears hurriedly conceived, announced as it was in the early hours of the morning by Putin.
There is an added symbolism to his suggestion of Istanbul as a venue. Russia has long blamed Ukraine for walking away from peace talks in the same city in 2022.
The key thing is that diplomatic movement of sorts is happening.
Ukraine and its European colleagues want to capitalise on Trump’s renewed enthusiasm for a ceasefire and his potential scepticism of how ready Putin actually is to make peace.
The Europeans will hope this isn’t drawn into a protracted period of negotiations, or simply talking about the idea of negotiations.
What President Trump does next will be crucial.
Speaking at the Kremlin in the early hours of Sunday, Mr Putin did not directly address the proposal but instead offered to restart peace talks Russia and Ukraine held in 2022.
“We propose the Kyiv authorities resume the negotiations they interrupted at the end of 2022… to resume direct negotiations… without any preconditions… to begin without delay next Thursday 15 May in Istanbul,” he said.
Speaking to Sky News Russia correspondent Ivor Bennett after the statement, Kremlin spokesperson Dmitry Peskov said Moscow does not “share the view of Starmer”.
“We think that the seriousness is to propose negotiations,” he said, denying the move was a delaying tactic.
Mr Peskov said there had to be negotiations to find a way for a ceasefire, adding: “A simplistic approach to a ceasefire is inappropriate.”
Image: European leaders including Volodymyr Zelenskyy hold call with Donald Trump. Pic: Number 10
Russia’s own unilateral three-day ceasefire, declared for the 80th anniversary of victory over Nazi Germany, expired on Saturday, and Ukraine said Russian forces have repeatedly violated it.
After the summit in Kyiv, Sir Keir said: “All of us here, together with the US, are calling Putin out.
“So we are clear, all five leaders here – all the leaders of the meeting we just had with the coalition of the willing – an unconditional ceasefire, rejecting Putin’s conditions, and clear that if he turns his back on peace, we will respond.
“Working with President Trump, with all our partners, we will ramp up sanctions and increase our military aid for Ukraine’s defence to pressure Russia back to the table.”
Spreaker
This content is provided by Spreaker, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spreaker cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spreaker cookies.
To view this content you can use the button below to allow Spreaker cookies for this session only.
Social media accounts expressing support for a Pakistan-based terror group linked to al Qaeda appear to have posted recent videos from a Pakistan mosque targeted by Indian airstrikes.
Sky News has found videos posted on TikTok, YouTube and Google that appear to be filmed at the Markaz Taiba Mosque in Muridke. The captions and usernames contain expressions of support for the Lashkar-e-Taiba (LeT) and a group called ‘313’.
Sky News has found and geolocated multiple videos that appear to be filmed in the area where the captions include either or both ‘313’ and LeT.
Some of the videos show men in the streets with guns. Another post captioned a video of children doing martial arts training inside the targeted mosque, “we are little soldiers, and we fight the non-believers”.
Image: The caption of the video reads ‘we are little soldiers, and we fight the non-believers’. It uses the hashtag ‘313’.
The caption uses the hashtag #جہاد313, which translates to ‘313’ jihad.
‘313’ appears to refer to the 313 Brigade, a proscribed terror organisation in Pakistan.
In a TikTok video posted to the Google page for Markaz Taiba Mosque in Muridke, a man can be seen walking along the street with a gun.
More from World
The account that posted that video wrote in their description, “Lashkar Taiba, Mujahid Force, ‘313’ and Markaz Taiba Muridke”, self-proclaiming their support for the groups.
Image: This screenshot from the Google user labels Lashkar-e-Taiba and ‘313’ and includes the location name Muridke
Gunmen opened fire on tourists, killing 26 people and injuring dozens in a popular holiday spot near Pahalgam, Kashmir, on 22 April.
LeT were accused by India of involvement in the Pahalgam attack through their proxy the Resistance Front, which claimed responsibility for the attack.
LeT, which is designated as a terrorist organisation by the UN Security Council and the UK, focuses on fighting Indian control in Kashmir and is based in the Punjab region of Pakistan.
Pakistan denies allegations of terror camps operating in the country. This region has been in the control of the Punjabi government since 2010. The Punjab government condemned the Indian strikes, and declared a state of emergency across Punjab.
Muskan Sangwan, senior intelligence analyst at TRAC, a terrorism research and analysis consortium, told Sky News: “Brigade 313 is al Qaeda in Pakistan. It’s an umbrella organisation for members of several groups like Taliban, Lashkar-e-Jhangvi, Haqqat ul-Jihad-al-Islami, Jaish-e Muhammad, Lashkar-e-Taiba, and Jundullah.”
Ms Sangwan explained that ‘313’ refers to the number of companions said to have fought with the Prophet Mohammed in the Battle of Badr.
TRAC have seen a recent uptick in TikTok videos and other social media posts that refer to ‘313’.
Many of the accounts are linked to each other.
Ms Sangwan said: “They [the TikTok users] mostly use ‘313’ as a hashtag… trying to push that hashtag to as many people it can reach on social media.”
Sky News sought to verify the location by comparing before and after videos from the strike location, and using the video released by the Indian army conducting the strike.
One video showing damage at the strike location was posted by a user with 313 in their TikTok username.
Image: The TikTok account that posted video footage of the destruction in Muridke has 313 in the username
Below is satellite imagery that shows the destruction of the site.
Image: Satellite imagery shows Markaz Taiba Mosque after the strike on 7 May. Credit: Maxar
In one TikTok, the video is captioned “bring your arms and ammunition and go to war”. The text on the screen of the TikTok is ‘313’ and he is carrying a gun.
The group are comfortable with having an online presence. On the Google tag for Markaz Taiba Mosque in Muridke, men pose for a group photo. Almost all the people in the photo have used ‘313’ on TikTok.
Ms Sangwan explained: “With these people from Muridke, pushing this propaganda on social media would generate a lot of significance in terms of recruitment and in terms of gaining support from local people and from other people.”
Please use Chrome browser for a more accessible video player
3:29
Anger in Pakistan after India strikes
India says it struck Markaz Taiba, a site in Muridke about 15 miles (25km) from the border, which has long been claimed to be a terrorist training site associated with LeT.
MEMRI, a US-based research group that monitors terrorist threats, told Sky News: “It has been known for decades that Lashkar-e-Taiba has its headquarters in Muridke.”
Follow the World
Listen to The World with Richard Engel and Yalda Hakim every Wednesday
Sky News contacted the Pakistan Ministry of Defence for comment. Khawaja Asif, Pakistan’s defence minister, told Sky News: “This appears to be a random video with background music added later – consistent with how TikTok trends often function. If this is to be considered credible evidence, we could produce millions of similar clips ourselves.”
Mr Asif also said that any suggestion that the mosque was used as a base by terrorists was a “completely false, social media made up hoax”.
On 7 May, after the strikes in Pakistan, the Indian subcontinent branch of al Qaeda issued a statement condemning India’s actions and encouraging its supporters to wage jihad against India.
The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.
Russia’s president has suggested fresh peace talks with Ukraine in Istanbul as part of “direct negotiations” but also “without preconditions”.
Vladimir Putin put forward the proposal as European leaders including Sir Keir Starmer threatened him with fresh sanctions if Russia failed to comply with an unconditional 30-day ceasefire starting on Monday.
Kremlin spokesperson Dmitry Peskov told CNN that Moscow will need to consider those terms.
Speaking at the Kremlin in the early hours of Sunday, Mr Putin did not directly address the 30-day ceasefire proposal but instead offered to restart peace talks Russia and Ukraine held in 2022.
Image: Vladimir Putin told reporters he was committed to talks. Pic: RIA Novosti/AP
“We propose the Kyiv authorities resume the negotiations they interrupted at the end of 2022… to resume direct negotiations… without any preconditions… to begin without delay next Thursday 15 May in Istanbul,” he said.
Russia’s own unilateral three-day ceasefire, declared for the 80th anniversary of victory over Nazi Germany, expired on Saturday, and Ukraine said Russian forces have repeatedly violated it.
Image: European leaders including Volodymyr Zelenskyy hold call with Donald Trump. Pic: Number 10
During the summit in Kyiv, European leaders secured the backing of Donald Trump after briefing him on the progress made on the so-called “coalition of the willing” plans in a 20-minute phone call.
“All of us here, together with the US, are calling Putin out,” said Sir Keir.
“So we are clear, all five leaders here – all the leaders of the meeting we just had with the coalition of the willing – an unconditional ceasefire, rejecting Putin’s conditions, and clear that if he turns his back on peace, we will respond.
“Working with President Trump, with all our partners, we will ramp up sanctions and increase our military aid for Ukraine’s defence to pressure Russia back to the table.”
Image: Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kyiv. Pic: Reuters
Image: Leaders arrive in Kyiv by train. Pic: PA
It comes after President Trump called for “ideally” a 30-day ceasefire between Kyiv and Moscow, and warned that if any pause in the fighting is not respected “the US and its partners will impose further sanctions”.
During Mr Putin’s statement on Sunday, he insisted he would support peace talks: “We are committed to serious negotiations with Ukraine.”
He told reporters: “Their purpose is to eliminate the root causes of the conflict, to establish a long-term, lasting peace. We do not rule out that during these negotiations it will be possible to agree on some new truces, a new ceasefire.”
Putin cobbles together response to 30-day ceasefire demand
The Kremlin billed this as a meaningful statement from Vladimir Putin but how much does it actually mean?
His comments are exactly the same as what Moscow has been saying for weeks, only repackaged with a date. The latest attempt to avoid committing to a 30-day ceasefire.
Next Thursday – 15 May – is when he’s proposing to hold direct talks with Ukraine. Only then, he says, can they discuss the details of a longer truce.
Istanbul is apparently the venue. The trouble is, Turkey doesn’t appear to know about it. The Russian leader said he’d call President Erdogan tomorrow.
Given America’s apparent support for Europe’s ultimatum to Russia (ceasefire or sanctions), he had to respond with something new.
But this felt like a proposal that had been hastily cobbled together in the corridor outside.
Security and defence analyst Michael Clarke told Sky News presenter Samantha Washington the European leaders are “rowing in behind” the US president, who referred to his “European allies” for the first time in this context in a post on his Truth Social platform.
“So this meeting is all about heaping pressure on the Russians to go along with the American proposal,” he said.
“It’s the closest the Europeans and the US have been for about three months on this issue.”
Image: Trump calls for ceasefire. Pic: Truth Social
Mr Zelenskyy told reporters the agreed ceasefire should cover air, sea and land, and said that if Moscow refused, Russia would face new sanctions, including the strengthening of punitive measures targeting its energy and banking sectors.
The European leaders said the terms of a peace deal would be negotiated during the 30-day pause in fighting.
But the Ukrainian president said: “We have no illusions that the ceasefire will be breached.”
Mr Macron said the proposed ceasefire would be monitored mainly by the US and European countries and there would be “massive” sanctions if Russia did not agree.
Image: Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP
Please use Chrome browser for a more accessible video player
2:21
Putin’s Victory Day parade explained
Military officers from around 30 countries have been involved in drawing up plans for a coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.
This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10 Downing Street.
Spreaker
This content is provided by Spreaker, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spreaker cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spreaker cookies.
To view this content you can use the button below to allow Spreaker cookies for this session only.
Mr Peskov accused European leaders of making contradictory and confrontational statements, according to Interfax news agency.
“We hear many contradictory statements from Europe. They are generally confrontational in nature rather than aimed at trying to revive our relations. Nothing more,” he was quoted as saying.