What if I’ve been making overpayments to my mortgage?
If you’ve been making overpayments to your mortgage, you may be able to use these to reduce your mortgage monthly payment and this solution may be more cost effective than applying for a Mortgage Charter arrangement. Please contact us.
What if I need support with multiple mortgages?
You’ll need to make an application for each account that you hold. This is the case whether you have a mortgage on multiple properties or more than one account on one property.
Do I need to have held my mortgage for a certain amount of time before I can apply?
You can apply for support no matter how long you have held your mortgage
What happens after the initial 6 months?
If you’ve applied to switch to interest only, you’ll revert back to your original mortgage type after 6 months.
If you’ve applied to extend the term of your mortgage, you have the option to switch back to your original term within 6 months of applying or continue with the new extended term. If you want to make changes after the 6 months, you’ll need to go through a full application process including an affordability assessment.
What types of mortgage products are eligible
You can apply for either of the support measures irrespective of whichever mortgage product you are currently on i.e. Fixed, Tracker, SVR, Offset
When will the scheme come into effect and the first payment be debited from my account?
This will depend on when you apply for the measures and when your repayments currently leave your account. We will be able to give you a better indication once you have applied.
If I have already applied for a rate switch, can I still apply to switch to interest only? How will my rate switch be impacted?
Yes, you can still apply to switch to interest only. Your rate switch will continue to take effect at the requested time and will not be impacted by this. When the new rate takes effect, this will be the rate of interest that applies to your interest only mortgage until the 6 months from the time the application was made.
If I’ve applied to switch to Interest Only or to extend my term, can I still switch my rate?
What happens if I miss a payment when the term is extended?
Missing a payment under a Mortgage Charter arrangement is the same as missing a mortgage payment and is a breach of the conditions of your mortgage. If you're concerned that you won’t be able to make your mortgage payments, contact us right now to find out about the various ways we can help you. We’ve helped thousands of people who have money worries and we’re on hand to help you.
What happens if I miss a payment while on a temporary switch to interest-only?
Missing a payment under a Mortgage Charter arrangement is the same as missing a mortgage payment and is a breach of the conditions of your mortgage. If you're concerned that you won’t be able to make your mortgage payments, contact us right now to find out about the various ways we can help you. Please contacr us - we’ve helped thousands of people who have money worries and we’re on hand to help you.
If I have less than six months remaining on my mortgage term, can I still apply?
You need to have more than six months remaining on the mortgage term in order to apply for a temporary switch to interest-only.
Do lenders need the consent of all parties in the mortgage for a temporary switch to IO or term extensions?
Will switching temporarily to IO or extending my term impact my credit score?