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Mortgage Customer Support - Mortgage Charter

Last updated: 24 July 2023

We’re pleased to have signed up to the Government’s new Mortgage Charter, which provides additional support to our residential mortgage customers through these uncertain times.

With interest rates rising it’s understandable that you may be worried about paying your monthly mortgage payments and want to understand what support is available to you.

The Mortgage Charter sets out a number of commitments, providing you with more options if you’re worried about paying your monthly mortgage payments and enables you to choose the most suitable option for you.

Talking to us or applying to make a change under the Mortgage Charter won’t affect your credit rating, only missing payments will.

Does the Mortgage Charter apply to all borrowers?

Support under the Charter is available for residential owner-occupied mortgage customers. However, our Mortgage Support team can provide extensive support to all borrowers who may be struggling with their mortgage payments.

Support available under the Mortgage Charter

Under the Charter, the following support is available.

Extending your mortgage term

Residential owner-occupied mortgage customers who are up to date with their mortgage payments can extend their mortgage term. By extending your mortgage term:

  • your monthly payments will reduce as you’ll be paying your mortgage balance over a longer period. As you’ll be paying over a longer period you will pay more interest overall
  • your balance will take longer to reduce as your mortgage term will increase and you’ll be paying over a longer period

It’s also important to remember that you have the option to change your mortgage term back to its original term during the first six months without any affordability checks. However, if you choose to return to your original term after six months the change will be subject to affordability checks. By changing back to your original term your monthly mortgage payments will increase.

Temporarily changing to interest only payments for six months

Residential owner-occupied customers who are up to date with their mortgage payments can temporarily change to interest only payments for six months. By changing to interest only payments:

  • your monthly mortgage payment will reduce for six months. When this period ends, your payments will increase to ensure your mortgage balance is repaid in full at the end of your mortgage term
  • you’ll only pay the interest on your mortgage balance. This means during this time, your mortgage balance won’t reduce and therefore you’ll pay more interest over the remaining term of the mortgage

Before making any changes it’s important to remember you should continue to pay your current monthly mortgage payments if you can afford to. Changing your mortgage term or changing to interest only payments for six months will increase the amount of interest you pay over the term of the mortgage.

You can access our Mortgage Charter support calculator to find out what changes these options could make to your monthly mortgage payment. You’ll be able to submit your request to make a change to your mortgage once you’ve completed our calculator.

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Unable to pay your mortgage payments

If you are unable to pay your mortgage:

  • We won’t force anyone to leave their home after missing their first mortgage payment for at least 12 months. There may be times where we may still have to continue with action, however, this will only be in a small number of exceptional circumstances.

If you’re already behind with your mortgage payments the Mortgage Charter will not be suitable for you however, there may be other options available to help manage your situation. Please contact our Mortgage Support team on 0800 083 8031 or 0345 241 0593 (we are available Monday to Friday 9.00am to 5.00pm) to discuss your situation and find out how we may be able help.

Support currently available

Switch to a new deal with us

  • Apply to switch to a new mortgage deal with us without the need for an affordability check.

If you choose to switch to a new lender, they will undertake an affordability check.

  • Secure a new rate up to 4 months before your current mortgage 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.

To apply to switch your mortgage online you’ll need to meet our eligibility criteria. Find out if you’re eligible to switch online.

Alternatively, you can contact our Customer Services team and they’ll arrange for you to speak with one of our Mortgage advisers.

If you applied for your mortgage with a broker, you can also speak to them about switching to a new deal with us.

Payment difficulties

If you’re worried about paying your monthly mortgage payments, our specialist Mortgage Support team can help. Getting in touch with us as early as possible is important, as speaking to us about your circumstances will not affect your credit rating, only missing payments will.

To speak with a member of our experienced Mortgage Support team, give us a call or complete our Additional Support form. You can also find lots of helpful information and contact details for a range of independent organisations who offer free impartial advice here.

Mortgage Charter FAQs

Our frequently asked questions may help answer any additional questions you have about the Mortgage Charter

Access your mortgage account online

You can view your account information online using our mortgage portal if you pay by Direct Debit. 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.

Budgetsmart with PayPlan

Free support to help you handle your costs.

We’ve partnered with PayPlan to provide further assistance to you if you are worried about your debt repayments. PayPlan have a Budget Smart tool – this allows you to select an area you feel that you may struggle – for example car costs, energy bills, rent, mortgage, amongst others. This free effective tool has already helped hundreds of thousands of people.

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