Britain's biggest mortgage lenders including Lloyds Banking Group PLC (LSE:LLOY) will this week launch a £5mln advertising campaign to highlight support for customers battling soaring mortgage bills amid rising interest rates.
The campaign, orchestrated by the industry lobbying group UK Finance, comes weeks after the signing of a mortgage charter by major lenders following talks with the chancellor, Jeremy Hunt.
The adverts will urge customers to ‘reach out’ if they are struggling meeting their monthly repayments.
David Postings, chief executive of UK Finance, said: "We have launched this campaign with our members to make sure that anyone struggling with their mortgage payments knows that help is available.”
The range of support on offer from lenders includes the extension of to reduce monthly payments, a temporary switch to interest-only payments or a temporary reduction in payments.
The move comes after the sector faces criticism after banks were criticised for failing to pass on the fruits of rising interest rates to savers while reporting bumper profits.