🏘️ Extensions to mortgage terms and reductions in monthly payments also proposed by Financial Conduct Authority after meeting with Martin Lewis
Homeowners will be given the opportunity to move their mortgage temporarily from repayment to interest-only if they are struggling toLenders will also be able to offer extensions to mortgage terms and a reduction in monthly payments to borrowers who are finding it hard to keep up payments.
At the meeting, lenders confirmed they would enable borrowers coming off a fixed-rate mortgage to switch to a new interest-only deal, provided they have kept up with payments. Homeowners will then have to make up their repayments after the temporary period is over. Up until this intervention, it was generally only wealthier home owners, or ones who can prove a clear method of paying off their home loan, who have been able to get these deals.Interest-only deals may be a good short-term option for some, but for many struggling to pay, moving to an interest-only mortgage will add to their bill long-term.
For a temporary switch under the draft plans, homeowners wouls not have to prove how they are going to repay the loan. However, for a permanent switch, they would. Homeowners worried about making their monthly payments are encouraged to speak to their lender as soon as possible.
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