How to Reduce Your Mortgage Stress With the Mortgage Charter

• Provided you are up to date with your mortgage payments:
  • You can switch to interest only payments for six months or
  • You can extend your mortgage term to reduce your monthly payments with the option to revert to your original term within six months by contacting your lender.
• You can switch to a new mortgage deal at the end of your existing fixed rate deal without another affordability check. You can also change your deal up to six months ahead of time and request a better like-for-like deal if one becomes available. Please note this only relates to a new rate with your current lender which may not be the cheapest option for you.
• You won’t be forced to leave your home without your consent unless in exceptional circumstances, in less than a year from your first missed payment.
• If you’re worried about your mortgage repayments, you can contact your lender for help and guidance without any impact on your credit file. They can offer a range of solutions depending on your circumstances.
• Support for Mortgage Interest (SMI) is easier to access. SMI is a loan that helps homeowners on certain benefits pay interest on their mortgage or loans for home improvements.

If you are worried about paying your mortgage or have any questions about the Mortgage Charter or your mortgage options, please don’t hesitate to get in touch.

If you have a fixed rate mortgage deal coming to an end in the next 6-7 months, get in touch as soon as possible to discuss your options. We can look at what your current lender is offering but also compare this to the rest of the market to see if there’s cheaper options available with other lenders.