Not all doom and gloom

18 December 2023

With mortgage rates reaching their highest level in 15 years, many homeowners are feeling the pinch and fearing worse to come. Thankfully, there are reasons to be cheerful.

Mortgage Charter

The new Mortgage Charter promises relief to residential mortgage holders. You can talk to your bank or lender for information and support and can swap to an interest-only mortgage without any impact on your credit score. Borrowers are now also safe from forced repossession within 12 months of a first missed payment.

Job security holding firm

A positive economic indicator has been the jobs market, which has remained resilient throughout the past year. Between May and July 2023, average total pay (including bonuses) grew by 8.5%, according to official figures (1).

Equity in your home

Since house prices have risen considerably over the past two decades, many homeowners now hold more equity in their home, providing some added financial resilience.

Facing the facts

It is undeniable that the past year has been tough for many mortgage holders, but there are plentiful reasons to be positive. Speak to us to see how we can help.


(1 ) ONS, 2023


🚨 Data accurate as of the date of publication – 18.12.2023

🚨Think carefully before securing debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.


Source: Quilter Financial Planning – Essentially Mortgages Q4 2023

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