How the Mortgage Charter can help
The Mortgage Charter is an agreement between mortgage lenders and the government to help customers keep up with their mortgage payments as the cost-of-living rises.
It means you may be able to reduce your monthly payments temporarily, without affecting your credit score or needing to complete an affordability check.
Under the Charter you can apply to:
- Extend your mortgage term; or
- Change to interest only payments for six months.
You should continue to pay your current monthly mortgage payments if you can afford to. Extending your mortgage term or temporarily changing to interest only payments, increases the amount of interest you pay over the term of your mortgage. Before making any changes, it’s important you read through all the information about each option below and take the time you need to think about what feels right for you.
Who's eligible?
To be eligible for support under the Mortgage Charter, you must:
- have a personal residential mortgage (not buy to let) on a UK home.
- be up to date with your mortgage payments.
- not plan to borrow more money against your mortgage during the six month period.
- not already make interest only payments on all of your mortgage.
If you don't meet the above criteria, it doesn't mean we can't help you. We offer help to all customers who may be struggling with their mortgage payments.
You can read more about the support we provide on our payment difficulties page.
Extend your mortgage term
By extending your mortgage term, you'll lower your monthly payment as you’ll be paying your mortgage balance over a longer period. Doing this means your mortgage will cost more over the full term, because you’ll be paying interest for longer.
In the first six months, you can move back to your original mortgage term without any affordability checks. If you decide to do it after the six months, the change will be subject to affordability checks. By changing back to your original mortgage term your monthly payments will be higher than they were before you extended the term.
Change to interest only payments
By changing to interest only payments, you'll lower your monthly payment for six months. During this time, your overall balance won’t reduce and you’ll therefore pay more interest over the remaining term of the mortgage.
After the six months, your payments will go back up to make sure your mortgage balance is repaid in full at the end of your mortgage term. Your monthly payments will be higher than before you switched. This is because you’ll be paying back the same balance over a shorter period.
Apply for support under the Mortgage Charter
Before applying, it's important to understand how these changes could impact your monthly payment.
Our Mortgage Charter support calculator can show you the impact of switching to interest-only payments or extending your mortgage term.
You’ll be able to apply to change your mortgage once you’ve completed our calculator.
If you're coming to the end of your current deal
If you're coming to the end of your current West Brom mortgage deal, you could switch to a new one without the need for an affordability check.
You can secure a new rate up to four months before your current deals ends. It'll then take effect once your current deal has ended. Until then, you can change your mind and select another deal if you feel it's more suitable for you.
To apply to switch your mortgage online, you'll need to meet certain criteria. Find out if you're eligible to switch online.
Alternatively, you can send us a message and one of our mortgage advisers will get back to you to discuss your needs.
If you applied for your mortgage with a broker, you can also speak to them about switching to a new deal with us.
If you're unable to pay your mortgage payments
If you’re worried about paying your mortgage, our experienced Mortgage Support team are on hand to help. Taking that first step and talking to someone about money worries may feel scary, but it really is the best way to get back on track.
If you've already missed a mortgage payment, the mortgage charter won't be suitable for you, but there are other ways we can help you manage your mortgage payments.
You can read more about the support we provide on our payment difficulties page. Or if you're ready to chat, give us a call.
Alternatively you can email us at mortgagesupport@westbrom.co.uk or start a conversation with us on live chat. We're available 8:30am to 5:00pm Monday to Friday.
Access your mortgage account online
You can view your account information online using our mortgage portal.
Through the portal you can view your monthly payment and next payment date, your current interest rate, the term remaining on your mortgage and your outstanding balance.
Common questions
No. The sooner we know you may be struggling, the sooner we can help.
Contacting us to find out what options are available won't impact your credit score, but missing payments will.
It's important not to cancel any Direct Debits before speaking to our Mortgage Support team as it may result in missed payments, which can affect your credit score.
The Mortgage Charter is only suitable if you’re up to date with your payments, but there may be other options available to you.
We can refer you free of charge to PayPlan, who can provide advice and support for your unsecured debt.
If you’re coming to the end of your fixed rate deal, you can switch to a new deal with us up to four months before your current deal ends. The deal you select will take effect at the end of your current mortgage deal, until this time you can change your mind and switch to another deal if you feel it’s more suitable.
If you’re unsure about what’s suitable for you and you’d prefer to speak to someone about it, you can send our mortgage advisers a message and one of them will get back to you to arrange an appointment.
Under the Mortgage Charter, customers can lock in a deal up to six months before. In line with these requirements, you can switch to a new deal with us four months before your current deal ends.
The deal you select will take effect at the end of your current mortgage deal, until this time you can change your mind and switch to another deal if you feel it’s suitable for you.
The support available under the Mortgage Charter is only available to residential owner-occupied mortgage customers, but that doesn’t mean we can’t help you.
We have a range of tools that can help you depending on your individual circumstances.
Get in touch and a member of our specialist Mortgage Support team will be able to help.
Yes, we’d suggest you let your broker know of any additional measures you’re taking to help you with your mortgage payments. The changes may have an impact on any other policies you have (such as life insurance or critical illness cover), but your broker will be able to advise you.