Property News · June 24, 2023

Mortgage 12-month grace period: what’s in it for you?


A charter has been struck between the chancellor and Britain’s biggest lenders in a bid to stave off a wave of repossessionsStruggling homeowners are to be given a 12-month grace period before their home is repossessed as part of a new “mortgage charter” struck between Jeremy Hunt and Britain’s biggest lenders after this week’s shock interest rate rise.No home will be repossessed within 12 months of the first missed payment.Customers can seek advice from their lender without it affecting their credit score.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. Continue reading…

Source : theguardian.com
Read more…Mortgage 12-month grace period: what’s in it for you?

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