Help with rising mortgage rates

Mortgage lenders and the Financial Conduct Authority have agreed a plan with the government.

To help people with mortgages, lenders like us, the Financial Conduct Authority and the government have agreed a set of new standards. These make sure the people affected by increasing mortgage repayment costs are treated fairly and get the extra support they need.

It's called the Mortgage Charter. 

We'll be giving the support agreed by the Charter. And it doesn’t matter if your mortgage was taken out with a broker, we're giving support to all our mortgage customers.

What the Charter promises

  • People worried about their mortgage repayments will be able to get in touch with their lender for advice. There’ll be no impact on their credit file

  • Customers who are up to date with payments will be able to switch to a new mortgage deal at the end of their existing deal. There’ll be no need for another affordability check

  • Customers will be given information in good time before their current rate comes to an end, to help them plan ahead

  • Those struggling with their mortgage payments will be offered support that’s suitable for them by looking at their needs.

How we can help you

If you are up to date with your mortgage payments

Swapping to an Interest Only mortgage

You'll now be able to change your mortgage to an Interest Only one for six months. Interest Only is a repayment method where you only make regular payments towards the interest on the mortgage and not the capital.

Extending the term of your mortgage

Alternatively, you can extend the term of your mortgage to reduce your monthly payments with the option to switch back to your original term within the first six months. Extending the term of your mortgage means you would pay it off over a longer time, lowering your monthly payments but increasing the total interest you pay. 

To extend the term of your mortgage, call us on 0345 1200 891*

Important information about making these changes to your mortgage

  • If you change to a temporary Interest Only mortgage or extend your mortgage term, you will pay more interest and increase the total overall cost
  • If there are no other changes made to your mortgage, your repayments will increase when your payments are recalculated
  • If you extend your mortgage term past your retirement age, we may need to run an affordability check and a credit check
  • If you change your mortgage term back within 6 months, there’ll be no affordability check. It won’t affect your credit score.
If you can afford your existing mortgage payments, you should think very carefully before making these changes and consider the longer term cost on your mortgage.

If you're coming to the end of your current deal

You can switch your deal

Any time in the 90 days before the end of your deal, you can choose a new product from our existing customer range. That new rate will begin when your current deal ends.

What if rates fall after you've chosen your deal?

As long as the term, and any fees and incentives are the same, you can choose a lower rate. In fact, you can change as many times as you like up to 14 calendar days before your new rate begins.

You can access the existing product range applicable to your mortgage at any time by logging onto your mortgage account or requesting it via your broker.
Here's an example:
  • Your chosen deal: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.99%
  • Is replaced with: 2 year Fixed at 75% LTV with £995 fee and Free Valuation at 6.49%
You’ll just need to complete a form to request a deal on the new rate.

If you're falling behind in your mortgage payments, or feel you're likely to,


Call us on 0800 138 2401*. We have other ways to help you. If you can’t pay your mortgage you may feel you are at risk of losing your home. No home will be repossessed without consent within 12 months from the first missed payment.

By contacting us now, we will have time to help you consider all the options available to you.

Please contact your broker if you're worried about how higher mortgage rates could affect you.

Important information about the
impact of switching to temporary interest only

If you are considering changing your repayment mortgage to an interest only mortgage for a temporary period of six months, it is important that you understand the following information:
  • Your mortgage will automatically switch back to a repayment mortgage once the agreed six-month period has ended. At this time, your mortgage payments will be recalculated and assuming there are no other changes, your payments will increase.
  • There is no guarantee that interest rates will be lower, or the housing or financial markets will have significantly improved, and you could end up in a worse position than you are in now.
  • You will continue to be charged interest on your outstanding loan. Without capital repayments reducing your mortgage balance, you will pay more interest and increase the total overall cost.
  • Where you have the means to maintain your repayment mortgage payment and reduce the capital element, you should seriously consider doing so.
  • We cannot guarantee any further extension on an interest only basis past the agreed extension period, even if your position has deteriorated.
  • You must continue to maintain your agreed monthly mortgage payments and any missed payment could affect the arrangement which has been agreed.
  • If you are experiencing any financial difficulty, there may be more suitable options available. Please contact us to discuss.
If your circumstances change, it’s important that you contact us as soon as possible so we can support further.