The Chancellor has agreed with lenders a set of commitments to support those who are struggling with their mortgages. So far the Mortgage Charter has been signed by 85% of the UK market. The charter enables:
1. Customers to talk to lenders without impacting their credit scores.
2. Customers won't have their home repossessed within 12 months from their first missed payment.
3. Customers approaching the end of fixed rate deals will have the chance to lock in 6 months ahead.
4. Customers will be able to switch to interest-only payments for 6 months.
5. Customers who are up to date with their payments can switch to new mortgage deals.
6. Customers will be able to access tailored support from their lenders if they are struggling.
For more information, see here.
