Mortgage Charter
Help with rising mortgage rates
Mortgage lenders and the Financial Conduct Authority have agreed a plan with the government.
To help people with mortgages, lenders like us, the Financial Conduct Authority and the government have agreed a set of new standards. These make sure the people affected by increasing mortgage repayment costs are treated fairly and get the extra support they need.
It's called the Mortgage Charter.
We'll be giving the support agreed by the Charter. And it doesn’t matter if your mortgage was taken out with a broker, we're giving support to all our mortgage customers.
What the Charter promises
People worried about their mortgage repayments will be able to get in touch with their lender for advice. There’ll be no impact on their credit file
Customers who are up to date with payments will be able to switch to a new mortgage deal at the end of their existing deal. There’ll be no need for another affordability check
Customers will be given information in good time before their current rate comes to an end, to help them plan ahead
Those struggling with their mortgage payments will be offered support that’s suitable for them by looking at their needs.
How we can help you
If you are up to date with your mortgage payments
Swapping to an Interest Only mortgage
You'll now be able to change your mortgage to an Interest Only one for six months. Interest Only is a repayment method where you only make regular payments towards the interest on the mortgage and not the capital.Extending the term of your mortgage
Alternatively, you can extend the term of your mortgage to reduce your monthly payments with the option to switch back to your original term within the first six months. Extending the term of your mortgage means you would pay it off over a longer time, lowering your monthly payments but increasing the total interest you pay.To extend the term of your mortgage, call us on 0345 1200 891*
Important information about making these changes to your mortgage
- If you change to a temporary Interest Only mortgage or extend your mortgage term, you will pay more interest and increase the total overall cost
- If there are no other changes made to your mortgage, your repayments will increase when your payments are recalculated
- If you extend your mortgage term past your retirement age, we may need to run an affordability check and a credit check
- If you change your mortgage term back within 6 months, there’ll be no affordability check. It won’t affect your credit score.
If you're coming to the end of your current deal
You can switch your deal
Any time in the 90 days before the end of your deal, you can choose a new product from our existing customer range. That new rate will begin when your current deal ends.
What if rates fall after you've chosen your deal?
You can access the existing product range applicable to your mortgage at any time by logging onto your mortgage account or requesting it via your broker.
- Your chosen deal: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.99%
- Is replaced with: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.49%
If you're falling behind in your mortgage payments, or feel you're likely to,
Call us on 0800 138 2401*. We have other ways to help you. If you can’t pay your mortgage you may feel you are at risk of losing your home. No home will be repossessed without consent within 12 months from the first missed payment.
By contacting us now, we will have time to help you consider all the options available to you.