On 26 June 2023 the government published the Mortgage Charter. The Charter is a set of commitments agreed between the government, UK lenders and regulators to extend the options and support available to people who may be worried about their mortgage payments.
We’re pleased to have signed up to the Charter which extends the support currently available to our members who are up to date with their mortgage payments.
Where you are able to continue to meet your current monthly payments, it would be in your best interest to continue to do so. This is because if you do not make the changes to your mortgage payments you will pay less interest overall.
What the Mortgage Charter means for you
- We will continue to offer all customers who are coming off their current mortgage product a new deal before their existing deal ends.
- We will contact you up to 3 months before your current product ends with details of all the new product options available to you.
- You retain the ability to extend your mortgage term to lower your payments with the option of reverting back to your original term within 6 months without an affordability assessment.
- You can stay in your home for at least 12 months after your first missed payment, unless there are exceptional circumstances We treat everyone individually and will always use repossession as a last resort.
If you would like to extend your mortgage term or temporarily switch your payment to interest only, please complete and return the Mortgage Charter Request Form. Following receipt of your completed form we will provide you with a personal illustration for consideration before making any changes to your account.
- The support offered under the charter will not be recorded as arrangement on your credit file as long as you continue to make your monthly repayments.
- If you choose to make a temporary change to interest only or to extend your term (even if this is, then later reduced) this will increase the overall cost of your mortgage. Your monthly payment will also increase once the temporary interest only period ends, and when reverting back to your original mortgage term.
*Subject to terms and conditions, please refer to FAQs on the Mortgage Charter | Policy and Guidance | UK Finance
Further information relating to support available to you should you be experiencing difficulties paying your mortgage is available here.