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Mortgage Charter enquiries

Journalist: Anna Sagar, Mortgage Solutions / Specialist Lending Solutions

ended 19. October 2023

Looking to speak to mortgage brokers about whether they are getting more enquiries around Mortgage Charter measures like temporary switch to interest-only or extending mortgage terms. 

  1. Have the number of enquiries increased since it was introduced? How many do you get a week on average? 
  2. What is the most popular measure people ask about? 
  3. When would you recommend someone taking up these measures? 
  4. Are some customers going direct to lenders to pursue measures and are they being offered finanical advice?

2 responses from the Newspage community

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Editor
Simon Bridgland
Director at Charwin Private Clients
Since the inception of the Mortgage Charter, I have had two clients who have hit financial difficulty for one reason or another. They asked about ideas they could consider to help reduce payments. Due to tie-ins with the existing mortgage products they have if they change the mortgage would mean incurring penalties. I have referred them to their existing lenders and they are considering doing temporary interest-only methods for 6 months to give them the breathing space they need and clear some personal debt to reduce monthly outgoings when the 6 month period is over.
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Austyn Johnson
Founder at Mortgages For Actors
Weirdly, we haven't had any... But we do have the resources in place to make sure our clients are heard and also helped should the need arise. We would take a look at their personal circumstances and advise on the best course of action.