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The Mortgage Charter doesn’t include financial support for those struggling to keep up with their repayments.
Yesterday, the Treasury launched the Mortgage Charter, a set of standards aimed to help those worried by rising interest rates.
The charter was implemented after Chancellor Jeremy Hunt met with the country’s principal mortgage lenders, the Financial Conduct Authority (FCA), and UK Finance on Friday.
“These measures should offer comfort to those who are anxious about the impact of high interest rates on their mortgages,” Hunt said in parliament.
He also said it should provide support for those who do get into financial difficulty.
The Mortgage Charter doesn’t include any financial support for those impacted by rising interest rates. Instead, it relies on other measures which can be taken by both lenders and borrowers.
For borrowers, this includes speaking to their lender for information and support without it impacting their credit score.
“Anyone who is worried about their finances should contact their lender to find out what options are available to help,” said David Postings, CEO at UK Finance.
The rest of the Mortgage Charter focuses on what lenders can offer their customers. One of the measures includes allowing borrowers to switch to an interest only mortgage or extend their mortgage term to reduce their repayments.
In addition, from 10 July existing customers will also be able to lock into a deal up to six months ahead. In the interim, borrowers can request a better like-for-like deal if it is available.
If your mortgage term is coming to an end, it is important to look for the best deal on the market. Read our weekly mortgage roundup to discover some of the lowest rates on sale.
The Mortgage Charter comes at a time when the average two year fixed deal sits above 6%.
Today it stands at 6.26% and was last higher in November, when it rose after the mini-Budget.
The average five year deal is also approaching the 6% mark and now stands at 5.87%. In comparison, it sat at 5.72% last week.
Over 30 lenders, which are responsible for 85% of the market, have signed the Mortgage Charter.
“We give our full backing to this charter. It will give borrowers facing financial difficulty even more reassurance that we’ll stand by them,” said Richard Fearon, Chief Executive at Leeds BS.
Other lenders which have signed the Charter include:
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The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
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Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
House prices fall month-on-month as major lenders increase rates.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year fixed ISA from Charter Savings Bank and a new discounted variable rate mortgage from Leek Building Society.
The number of net mortgage approvals rose in April, reaching its highest level since September 2022. However, the market remains difficult for borrowers.
The number of net mortgage approvals rose in April, reaching its highest level since September 2022.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
House prices fall month-on-month as major lenders increase rates.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.