The Mortgage Charter

In response to the current period of rising interest rates, the government has introduced a new Mortgage Charter that sets out key commitments to support residential borrowers who are facing financial difficulties, and are inviting lenders to sign up.

Supporting our members

At MHBS, we’re dedicated to doing the right thing by all our members. We have a range of options in place to support those who are worried about financial difficulty, including some of the commitments in the Mortgage Charter.

As a first step, we always ask you to chat to one of our Mortgage Specialists for help on 01858 412412. Speaking to us will have no impact on your credit file.

How we can help you

We’re always here to help and will continue to provide tailored support to borrowers that are experiencing, or expect to face, payment difficulties:

You can already:

• Talk to us to discuss your situation with no impact on your credit file. Our Mortgage Specialists will take the time to understand your individual circumstances, including your income and outgoings and provide detailed information about options that may be suitable for you. We’ll help you understand the possible solutions available and the long term impact of any change to your mortgage. If you miss a mortgage payment or we agree a payment plan with you, this may affect your credit file.
• Options to support you might include:
  • Allowing you to pay back your mortgage over a longer period of time (which might reduce your monthly payments)
  • Offering you a different mortgage rate
  • Changing the type of mortgage (including to Interest Only)
• Arrange a new mortgage deal up to three months in advance of your current deal ending, with no affordability check if your payments are up to date and there are no changes in circumstances, repayment method, or term.
  and
• We will not repossess your home within 12 months from your first missed payment. No lender wants to repossess someone’s home, and repossession is only done as either a last resort or where it is in the financial interests of the borrower.

If you’re concerned about money, have missed a mortgage payment, or are worried you won’t be able to make a payment, it’s important you speak to us as soon as possible; our dedicated team is here to help.

Find out more on our Mortgage Payment Difficulties page.