The Mortgage Charter - Supporting your clients
We are already well prepared to help your clients and have a comprehensive range of mortgage support options in place. As part of the Government's Mortgage Charter, we will shortly be introducing further measures of support.
We're working on the final details however this will include options, such as a temporary change to interest only payments, where your client will be able to choose to only pay the interest on their mortgage for up to 6 months. Please note that their mortgage balance won't go down while they're only paying the interest. That means after the 6 months, their payments will be higher than they are now as they'll be paying off the mortgage over a shorter term.
Alternatively clients will be able to extend their mortgage term to reduce their monthly payments and give clients the option to revert to their original term within 6 months by contacting their lender.
For further information on the government's Mortgage Charter please click here.
We will update our website when more information becomes available. In the meantime, if you have any queries please contact your dedicated Business Development Manager.