With interest rates raising again, it has been a huge pressure on borrowers and anyone trying to get on the property ladder. There are some good resources available if you want to understand more about mortgages, We would recommend checking this article from The Guardian, about interest-only mortgages, which suggests some good avenues for getting a mortgage.
A positive news has been that struggling homeowners are to be given a year-long grace period before their home is repossessed as part of a agreement between the government and lenders after this week’s shock interest rate rise.
The main points of the charger are:
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No home will be repossessed within 12 months of the first missed payment.
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Customers can seek advice from their lender without it affecting their credit score.
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Customers can switch to an interest-only deal for six months; or extend their mortgage term and revert back within six months if they want. Neither option requires an affordability check or will affect their credit score.