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Government mortgage help will take weeks to action

Journalist: Frances Ivens, Telegraph

ended 26. June 2023

Mortgage holders looking to take advantage of the help announced by the Chancellor on Friday will have to wait weeks before the measures go live.

Santander and Virgin Money have confirmed they are still working through the details of the package and will go live with the changes in the coming weeks.

Are Barclays, NatWest, Lloyds, Nationwide and HSBC working to similar time frames?

Have you heard from borrowers looking to use the measures?

Have lender customer service times been affected by the announcement? 

2 responses from the Newspage community

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Riz Malik
Independent Financial Adviser at R3 Wealth
The government must urgently take action to form a task force responsible for the supervision of the mortgage market. The existence of such a body would facilitate the quick execution of a disaster recovery plan during pressing circumstances like those we are currently encountering. The apparent absence of any backup strategies is simply indefensible. This should have been addressed weeks ago.
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Sabrina Hall
Mortgage Adviser & Protection Adviser at Kind Financial Services
As is often the case with these types of support schemes the devil will be in the detail which we just haven't had as yet. In addition I hope that it's something that will be available to everyone regardless of which lender they are with otherwise you could have clients who are with smaller lenders or regional building societies that are at a disadvantage.

I'm sure that there has been a significant impact on the lenders service. I had a client who was looking to make an overpayment into his mortgage in order to help reduce their monthly payments and it took him over 3 hours to deal with the lender on this due to hold times and being passed internally to different departments etc.

As is always the case uncertainty can cause major issues so the sooner the lenders issue the details on this the better.