With the cost of living having an impact on us all in 2023, with the cost of fuel, food and borrowing increasing the Government have stepped in and introduced the ‘Mortgage Charter’. But what is the ‘Mortgage Charter’? 
 
The Mortgage Charter has been introduced this summer (2023) to ease the pressures that rising inflation and the cost of livings effect on residential mortgage borrowers. The charter intends to provide short term reprieve for borrowers whilst the Government tackle inflation. 
 
Lenders can opt into the Mortgage Charter to support their customers. Borrowers who are concerned by their mrotgage payments or future mortgage payemnts can contact their lender directly for support. There is no impact on your credit file for doing so. The new rules include: 
 
• Borrowers will not be forced from their homes without consent within 1 year of a missed payment. 
• Borrowers can secure a new deal within 6 months of their current deal coming to an end, when previously some lenders only allowed you to do this 3 months prior. This increases the window of opportunity to secure an interest rate before rates increase again and to give lenders peace of mind that your deal is sorted well in advance. 
• Borrowers can extend their mortgage term to help reduce their monthly payments. 
• Borrowers who are up to date with their payments can switch to interest only for a period of 6 months. 
These measures can be implemented without the need for affordability checks or credit checks. If you are in arrears with your mortgage, you can still work with your lender but the changes available to you are at the lender’s discretion. 
 
These measures or only available to residential mortgage borrowers, not Buy to Let borrowers. 
 
Most lenders have already signed up to the charter, of those lenders who have signed up they represent 90% of the mortgage marker. Below is the list of lenders who have signed up, you can check below to see if your lender has signed up: 
 
Aldermore Bank 
 
Bank of Ireland UK 
 
Barclays 
 
Bath Building Society 
 
Buckinghamshire Building Society 
 
The Co-operative Bank, including Platform and Britannia 
 
Coventry Building Society 
 
Danske Bank 
 
Darlington Building Society 
 
Dudley Building Society 
 
Earl Shilton Building Society 
 
Ecology Building Society 
 
Family Building Society 
 
Furness Building Society 
 
Glasgow Credit Union 
 
Hinckley & Rugby Building Society 
 
HSBC, including First Direct 
 
Kensington Mortgage Company 
 
Leeds Building Society 
 
Leek Building Society 
 
Lloyds, including Halifax and Scottish Widows 
 
Loughborough Building Society 
 
Melton Mowbray Building Society 
 
Metro Bank 
 
Monmouthshire Building Society 
 
Nationwide Building Society 
 
Natwest, including RBS and Ulster Bank 
 
Newbury Building Society 
 
Newcastle Building Society, including Manchester Building Society 
 
Nottingham Building Society 
 
OSB Group, including Precise Mortgages and Kent Reliance 
 
Principality Building Society 
 
Progressive Building Society 
 
Santander 
 
Scottish Building Society 
 
Skipton Building Society 
 
Suffolk Building Society 
Teachers Building Society 
 
Tipton & Coseley Building Society 
 
TSB, including Whistletree 
 
The Vernon Building Society 
 
United Trust Bank Limited 
 
Virgin Money, including Clydesdale Bank and Yorkshire Bank 
 
West Bromwich Building Society 
 
Yorkshire Building Society 
 
If you need any support with your mortgage please get in touch and we will happily assist you. 
 
01482 205084 
Info@greenandgreen.net  
 
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Tagged as: Mortgages, News
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