We will write to customers approaching the end of their current mortgage deal three months in advance, in keeping with the Mortgage Charter. If you decide to switch to a new product with us, you will be subject to the usual product switch fee. You can change your mind as many times as you like, up to the 15th of the month before your new product is due to start. If you change your mind after submitting your mortgage offer, and want a different mortgage product with us, you will be subject to another product switch fee.
We have signed the Mortgage Charter. This is a set of commitments agreed between the government, UK lenders, and the Financial Conduct Authority (FCA). The Mortgage Charter aims to help residential mortgage customers who are struggling with their mortgage payments.
If you can pay your mortgage payments, then you should continue to do so, as you’ll pay less interest over the course of your term. If you are concerned about keeping up with mortgage payments, you’re not alone. Thousands of mortgage borrowers get help from their lender every year. Talking to us about this will not affect your credit score. You can visit our problems paying your mortgage page to find out how we can help.
HOW WE CAN HELP
How we can support you under the Mortgage Charter.
Switch your mortgage product.
Extend your term
You can extend your mortgage term to reduce your monthly payments, with the option to revert to your original term within six months. This would reduce your monthly payments but increase the overall cost of the mortgage. To extend your mortgage term, you will need to be up to date with your mortgage payments. Call us on 01473 278510 or email [email protected].
You can choose to pay just the interest payments for up to six months. Your payments will then increase at the end of the six months. This will reduce your monthly payments initially but increase the overall cost of the mortgage. To switch to an interest only concession, you will need to be up to date with your mortgage payments.
Support or repossession
No lender wants to repossess someone’s home and it is only ever done as a last resort. Unless there are exceptional circumstances, you will not be forced to leave your home until a year has passed from your first missed mortgage payment.
Mortgage Charter – your questions answered.
Under the Mortgage Charter, there is no fee to extend your mortgage term or to agree an interest only concession with the Society. Some fees may be payable in other circumstances. Please see our Tariff of Charges on our Useful Mortgage Downloads page for more details.
Taking a term extension or interest only concession under the Mortgage Charter won’t affect your credit score, but it could impact your future ability to borrow for a property.
This may be possible. Under the Mortgage Charter, the Society can offer either a term extension or an interest only concession. However, if you have taken one of these options, we can still consider the other option under our normal processes. In some instances, affordability checks may be required.
You cannot extend your mortgage term under the Mortgage Charter if your term has already expired. However, we can consider a term extension in these circumstances under our standard processes. Affordability checks are likely to be required.
Although you cannot extend your interest only mortgage term under the Mortgage Charter, we can consider this under our standard processes. Affordability checks are likely to be required.
In addition to extending your mortgage term, or switching to interest only, you can make changes to how and when you pay your mortgage. . You can also change how you make your mortgage payments. You can choose to pay by standing order, debit card, or bank transfer. Direct Debit payments must be on 1st, 15th or 28th of the month.
Although you cannot extend your mortgage term under the Mortgage Charter if you are retired, or if your term will run into retirement, we can consider this under our standard . This will be subject to an affordability assessment.
Although you cannot take an interest only concession, and also extend your term, under the Mortgage Charter, we can consider this under our standard processes. Affordability checks are likely to be required.
Speak to us
Get in touch about the Mortgage Charter.