{"id":2739,"date":"2023-11-30T14:59:18","date_gmt":"2023-11-30T13:59:18","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=2739"},"modified":"2025-04-07T13:43:50","modified_gmt":"2025-04-07T11:43:50","slug":"mortgage-charter-a-helping-hand","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/mortgage-charter-a-helping-hand\/","title":{"rendered":"Mortgage Charter: a helping hand"},"content":{"rendered":"

Amid a turbulent mortgage market and with many experiencing cost-of-living difficulties, Chancellor Jeremy Hunt has announced a new Mortgage Charter to bring relief to residential mortgage customers suffering from rising interest rates.<\/em><\/p>\n

Talk, swap, and security<\/strong><\/p>\n

The Mortgage Charter launched in June has three key elements:<\/p>\n

    \n
  1. Anyone can talk to their bank or mortgage lender for information and support, and this will have no impact on their credit score.<\/li>\n
  2. People can choose to swap to an interest-only mortgage or extend their mortgage term, with the option to switch back to their original mortgage deal within six months with \u2018no questions asked\u2019 and no impact on their credit score.<\/li>\n
  3. Customers won\u2019t be forced to have their homes repossessed within 12 months of their first missed payment.<\/li>\n<\/ol>\n

    Improved flexibility<\/strong><\/p>\n

    There are also additional measures to provide more flexibility to customers approaching the end of a fixed-rate deal. Under the new Mortgage Charter, customers will be able to lock in a deal up to six months ahead and still apply for any better deals that are available right up to the start of their new term.<\/p>\n

    Affordability checks will be waived for those switching to a new mortgage deal if they are up to date with their payments when their fixed term ends.<\/p>\n

    \u201cOn the side of households\u201d<\/strong><\/p>\n

    In the foreword to the Charter, Jeremy Hunt commented, \u201cThese measures should offer comfort to those who are anxious about high-interest rates and support for those who do get into difficulty. As we have consistently shown through the pandemic, and the consequences of the war in Ukraine, we will always be on the side of households.\u201d<\/p>\n

    \ud83d\udea8 Data accurate as of the date of publication \u2013 30.11.2023<\/p>\n

    \ud83d\udea8Think carefully before securing debts against your home.\u00a0 Your home may be repossessed if you do not keep up repayments on your mortgage.<\/p>\n

    \ud83d\udea8 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.<\/p>\n

     <\/p>\n

    Source: Quilter Financial Planning \u2013 Essentially Mortgages Q4 2023<\/p>\n","protected":false},"excerpt":{"rendered":"

    Amid a turbulent mortgage market and with many experiencing cost-of-living difficulties, Chancellor Jeremy Hunt has announced a new Mortgage Charter to bring relief to residential mortgage customers suffering from rising interest rates. Talk, swap, and security The Mortgage Charter launched in June has three key elements: Anyone can talk to their bank or mortgage lender […]<\/p>\n","protected":false},"author":3,"featured_media":2698,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-2739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nMortgage Charter: a helping hand - Prestige Financial Advisers<\/title>\n<meta name=\"description\" content=\"Chancellor Jeremy Hunt has announced a new Mortgage Charter to bring relief to residential mortgage customers suffering from rising...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pfadvisors.co.uk\/en\/mortgage-charter-a-helping-hand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Charter: a helping hand - 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