The New Mortgage Charter: Help for Struggling Borrowers
The recent rise in interest rates is putting a strain on many household budgets. If you are struggling to make your mortgage payments, you are not alone. The good news is that there is help available.
The new Mortgage Charter, launched in June 2023, provides lenders with a framework for supporting borrowers who are struggling financially. The Charter includes a number of new measures, such as:
- 1The option to switch to interest-only payments for six months
- 2The ability to extend the mortgage term to reduce monthly payments
- 3A ban on lenders repossessing homes without the borrower's consent within 12 months of a missed payment
In this video, we will explain the new Mortgage Charter and how it can help you if you are struggling to make your mortgage payments. We will also provide tips on how to get the most out of the Charter.
Your Home may be repossessed if you do not keep up repayments on a mortgage