ADVICE COLUMN: Lanarkshire mortgage broker on the Mortgage Charter

dailyrecord.co.uk:

Hello and welcome to this month’s advice column.You will no doubt have seen or heard that interest rates are at the highest they’ve been for 15 years, as the Bank of England (BoE) continues to increase the Base Rate to try to combat inflation.

This has led to increasingly higher costs of mortgages and the fixed rates offered to borrowers.This means that those taking out mortgages for the first time, or those coming to the end of their fixed-rate term, are now facing much higher rates compared to the historic lows we’ve seen since 2008.On Monday, June 29, this year, the Chancellor of the Exchequer, announced that the government has introduced the Mortgage Charter.The Lanarkshire Live app is available to download now.

Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android So what is the Mortgage Charter? This is a set of standards set out by the government and the FCA that has been agreed to by a large number of mortgage lenders in the UK.

The lenders have all agreed new support measures for customers struggling to manage their mortgage due to recent bank base rate rises. What changes have been implemented through the Charter? There are three main support options that have been introduced through the Mortgage Charter.First, there is the option to switch to a new mortgage deal up to six months ahead of your fixed rate deal ending, without another affordability check.Secondl