Santander has contacted more than a million customers who may be at risk of falling behind with bills as the cost-of-living squeeze bites.
The High Street bank’s highly unusual move is in response to a worsening economic outlook and a cost of living crisis that has left many households struggling to make ends meet.
Lenders are concerned they could be on the hook for billions of pounds in loan losses if cash-strapped borrowers cannot afford to repay debts.
Last week the Bank of England warned that Britain faces a lengthy recession and rampant inflation as the central bank raised interest rates by 0.5 percentage points – the largest increase in 27 years – to 1.75 per cent.
Santander has contacted more than a million customers who may be at risk of falling behind with bills as the cost-of-living squeeze bites. NatWest, one the UK’s biggest lenders, has already contacted 2.7 million customers this year
The Bank’s gloomy outlook also forecast that real household incomes…