We know how challenging it can be if you are looking at a sharp increase in interest rates, and therefore payments, on your mortgage.

To this end, the government together with most lenders have put together the Mortgage Charter. The main points of this are as follows:

  • Borrowers will be able to extend their mortgage term until retirement age, thereby reducing their on-going monthly repayments. An alternative option is to switch to an interest-only mortgage for six months. Both options can be taken without a new affordability check or affecting their credit score.
  • Borrowers can switch back to their original terms within six months of changing.
  • Anyone concerned about their mortgage payments can call their lender for information and support without any impact on their credit rating
  • Borrowers will not be forced to have their homes repossessed within 12 months from their first missed payment
  • Borrowers approaching the end of a fixed rate mortgage will be offered the chance to lock in a deal up to six months in advance. They will also be allowed to apply for a better deal right up until their new term begins (if one is available)
  • Support for customers who are up to date with payments to switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check
  • Lenders, alongside support for those struggling from highly trained staff and the options above, can offer a range of other routes such as a temporary payment deferral or part-interest-part repayment, the right choice will depend on the customer’s circumstances

Paperweight’s Money Advice Team can take you through your various choices (we are accredited by the Financial Conduct Authority, which means we are authorised to give debt and financial advice).

To access our free services, call 0330 174 4300 or email

The scariest thing in the world can be the next bill that comes through the door.