As a signatory of the Mortgage Charter, we have committed to all the pledges, many of which are already available:
- A borrower will not be forced to leave their home without their consent unless in exceptional circumstances, in less than a year from their first missed payment.
- Borrowers who are up to date with their payments can:
- Switch to interest-only payments for six months; or
- Extend their mortgage term to reduce their monthly payments for six months.
- Both these options are available without the need for the normal affordability assessment and without the arrangement being recorded with Credit Reference Agencies.
There are no fees involved in setting up an Interest Only or Term Extension as part of the Mortgage Charter
- You can contact us for help and guidance, without any impact on your credit file.
Contacting us for support will not have any negative impact on your credit score.
- Lenders will offer tailored support to customers facing financial difficulties. The options available depend upon each individual’s circumstances and can include extending the mortgage term, temporarily deferring payments, switching to interest-only payments or finding other suitable arrangements.
We have a dedicated and skilled Financial Support team on hand to support borrowers experiencing financial difficulties, with a variety of options tailored to individual needs.
- Borrowers who are up to date with payments can switch to a new mortgage at the end of their existing fixed rate deal without another affordability check.
You can switch to a new mortgage deal (on a like for like basis i.e., no additional borrowing) without requiring another affordability check if you are up to date with your payments.
- Borrowers receive well-timed information to help them plan ahead should their current rate be due to end. Customers approaching the end of a fixed rate deal will have the chance to lock in a deal up to six months ahead. They will also be able to manage their new deal and request a better like for like deal with their lender right up until two weeks before the new term starts, if one is available.
We write to all our borrowers four months before their current mortgage deal comes to end. If you lock into a new deal, you can switch to a better deal on a like for like basis up until two weeks before the new rate starts. Like for like means the same product type (fixed / discount), and the same product term (2yr, 3yr or 5yr).