08 Dec 2022
The Chancellor met with major mortgage lenders, the Financial Conduct Authority’s chair and Martin Lewis to discuss actions that can be taken to support people struggling to pay their mortgage.
Some of the things lenders have agreed to allow customers to do -
Allow customers who are up to date with payments to switch to a new competitive mortgage deal without another affordability test and provide information to help customers plan ahead when their rate ends.
Offer “tailored support” to those who start to struggle with payments, this will vary by lender.
They also confirmed that they would “continue working closely together to ensure that the mortgage market works well for all homeowners, in particular those facing financial difficulty”.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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