You may have heard the term Mortgage Charter recently or have been contacted by your mortgage lender about this and wondered what this means for you. The Mortgage Charter in a nutshell is a new set of standards that 90% of the UK’s largest mortgage lenders and the Financial Conduct Authority have agreed with the Chancellor to help their residential mortgage borrowers who are worried about higher rates.
Signatories to this Charter have agreed:
Anyone worried about their mortgage repayments can contact their lender for help and guidance, without any impact on their credit file
With effect from 10th July customers approaching the end of a fixed rate deal will have the chance to lock in a deal up to six months ahead.
A new deal between lenders, the FCA and the government permitting customers who are up to date with their payments to:
Switch to interest-only payments for six months or
extend their mortgage term to reduce their monthly payments and give customers the option to revert to their original term within 6 months
From 26th June, 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
These options can be taken by customers who are up to date with their payments without a new affordability check or affecting their credit score.
The Platinum FS team will always contact you 6 months before the end of your current mortgage deal to discuss your options.
We strongly recommend you speak to us before making any changes to your mortgage. Your lender will have likely contacted your directly to offer these options but many of the options are temporary measures and will impact on your future mortgage payments. Please give the team a call on 01455 322323 to discuss further.
If you are concerned about making your mortgage payments you can also speak to us about your options. Call us on 01455 322323, email us on enquiries@platinumfs.co.uk or use the contact form on this website.
Comentários