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The Mortgage Charter: Unlocking Opportunities for You

Are you a homeowner or a buy-to-let investor? The Mortgage Charter will hopefully offer you valuable benefits and support during these times! 

For Residential Borrowers:

The Mortgage Charter introduces a range of options to make your mortgage journey smoother and more flexible:

Interest-Only Flexibility:

TSB and Paragon have extended the Mortgage Charter to buy-to-let customers, allowing landlords to switch to interest-only for up to six months. This helps ease financial burdens and provides you with breathing space.

 Reduced Rates:

The Mortgage Works has taken a step further, reducing selected buy-to-let mortgage rates by up to 0.85%, creating enticing opportunities for those exploring buy-to-let options.

Government Support for Homeowners:

Facing rising rates can be daunting, but fret not! The government has introduced some remarkable protections for homeowners:

Pause Payments:

If you’re up to date on payments, you can press pause for 6 months without damaging your credit. This offers a much-needed cushion during challenging times.

Repossession Delay:

Worried about repossession? The Mortgage Charter ensures lenders can’t repossess your home within a year of your first missed payment (barring exceptional circumstances). This gives you time to get back on track.

Plan Ahead:

Prepare for the future by locking in a new fixed rate 6 months before your current deal ends. No more surprises down the line!

Flexible Options:

Temporarily switching to interest-only or extending your mortgage term becomes easier, which can significantly lower your monthly costs.

Reach Out for Tailored Support:

Remember, your lender is here to help! The “Reach Out” campaign by UK Finance emphasizes seeking assistance before facing financial difficulties. In 2022 alone, lenders supported over 200,000 borrowers unable to make full payments and aided 2 million facing financial difficulty. Don’t hesitate to reach out to us for individualized support and tailored solutions, such as payment deferrals, term extensions, and interest-only periods.

You’re Not Alone!

We understand that these times can be challenging, and we are here for you every step of the way. Let’s have a chat to explore the best approach for your unique situation. Your peace of mind is our priority, and our brokers have the full market view to find the perfect solution for you!