A MAJOR mortgage rule shake up means millions of borrowers can apply for breathing space on their loans from today. The new rule lets you temporarily switch your mortgage to interest-only, or exten…
Today's new measures are designed to provide breathing space for struggling homeowners.The rules around home repossessions have also changed so that a borrower will not be forced to leave their home without their consent within a year of first missing a mortgage payment.But Paul Broadhead, head of mortgages and housing at the Building Societies Association, said you should still talk to your lender as they may be able to offer you other forms of help.
"There is support available for all mortgage customers from all lenders outside of the new measures announced in the charter."If you miss a payment your lender will contact you within 15 days to tell you that the payment is due.You need to act fast as soon as you can to get the best outcome and secure your mortgage.
The interest added to the loan can go up or down, but the rate will not change more than twice a year - the current rate is 3.03%.Don't deal with debt alone Citizens Advice is a free and impartial service which will help you come up with a plan to get on top of your debt including which payments to prioritise and how to reduce your living costs.on many aspects of debt, but you can contact them directly by phone, online or in person for more personalised help.
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