The Mortgage Charter
New Support Measures for Struggling Mortgage Holders
The Chancellor met with the UK’s principal mortgage lenders and Financial Conduct Authority (FCA) to agree support for people struggling with mortgage repayments. The lenders attending the meeting cover over 75% of the mortgage market and agreed the following Mortgage Charter:
- Anyone worried about their mortgage repayments can call their lender for information and support, without any impact on their credit score and we would encourage you to contact your bank who are there to help. If you need assistance with this option – Click Here
- Customers won’t be forced to have their homes repossessed within 12 months from their first missed payment.
- Customers approaching the end of a fixed rate deal will be offered the chance to lock in a deal up to six months ahead. They will also be able to apply for a better deal right up until their new term starts, if one is available. If you need assistance with this option – Click Here
- A new agreement between lenders, the FCA and the government permitting customers to switch to an interest-only mortgage for six months, or extend their mortgage term to reduce their monthly payments and switch back to their original term within the first six months, if they choose to. Both options can be taken without a new affordability check or affecting their credit score. If you need assistance with this option – Click Here
- Support for customers who are up-to-date with payments to switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check. If you need assistance with this option – Click Here
- Providing well-timed information to help customers plan ahead should their current rate be due to end. If you need assistance with this option – Click Here
- Offer tailored support for anyone struggling and deploy highly trained staff to help customers. This could mean extending their term to reduce their payments, offering a switch to interest only payments, but also a range of other options like a temporary payment deferral or part interest-part repayment. The right option will depend on the customer’s circumstances. If you need assistance with this option – Click Here
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