The Financial Conduct Authority (FCA) has published the support it expects mortgage lenders to offer mortgage borrowers given cost of living pressure and interest rate increases. The FCA has taken action to force lenders to help borrowers given the following data:
Help Expected From Lenders
The FCA now requires lenders to offer the following when borrowers get into difficulty:
The FCA also warned that borrowers should think very carefully before deciding to extend the term or reducing payments temporarily as this literally a ‘temporary fix’ and actions will likely increase the amount you pay back overall or having higher payments required in the future to get the mortgage ‘back on track’.