The FCA publishes the latest data from firms who have signed up to the Government’s Mortgage Charter.
The Government’s Mortgage Charter, introduced in June 2023, contains commitments, over and above FCA requirements, made by mortgage lenders. There are 49 signatories, representing around 90% of the mortgage market.
These commitments include:
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not to force a borrower to leave their home without their consent, unless in exceptional circumstances, in less than a year from their first missed payment
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to allow customers to lock in a new deal up to 6 months ahead of the end of a fixed rate deal, and to request a better like-for-like deal up until the new one starts, if one is available
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without assessing affordability, to permit customers who are up to date with their payments to switch to interest-only payments for 6 months, or to extend their mortgage term with the option to revert to their original term within 6 months