Banks and Building Societies have been encouraged by Chancellor Jeremy Hunt to offer more
flexibility if you are finding it difficult to make mortgage payments. Mortgage lenders, the FCA, the
Government as well as organisations such as UK Finance and the Building Societies Association have
come together to provide you with a new Charter to give you reassurance and support through these
tough times. The Charter was introduced in June 2023.

Lenders have an extensive range of measures they have agreed to, to help you if you’re finding it
difficult. Lenders don’t want to repossess your home; repossession is either a last resort or when it is
in your financial interest.

Under the new Charter, lenders’ promises include:

• Helping and guiding you if you’re worried about your mortgage repayments without it
affecting your credit file.

• Supporting you in switching to a new mortgage deal at the end of your existing fixed rate
without needing another affordability check, if you’re up to up to date with payments.

• Providing timely information to help you plan if you’re approaching the end of your current
deal.

• Offering you tailored support if you’re struggling, such as extending your term to reduce your
payments, with the option to go back to your original term within six months. A range of
other options are available depending on your circumstances such as switching to interestonly payments for six months, temporary payment deferral or part interest, part repayment.

• You won’t be forced to leave your home without your consent, within a year from your first
missed payment, and only in exceptional circumstances.

• If you’re approaching the end of a fixed rate deal, you will have the option to secure a new
deal up to six months ahead. You can also request a better like-for-like deal that’s available
with your lender up until your new term starts.
We are here to help you with any mortgage payment concerns you have. If you are currently in
arrears, our advisers can work with your lender to get the support you need.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON
YOUR MORTGAGE.

Approved by The Openwork Partnership on 16/10/2023