Starting from June 26th, no borrower will be forcefully evicted from their home without consent unless under exceptional circumstances. This applies if the eviction occurs less than a year from the first missed payment. Note that this commitment does not apply to buy-to-let mortgages and covers 97% of the mortgage market where customers are up-to-date with payments and are not seeking to borrow more or change their repayment type or term.
Effective from July 10th, customers nearing the end of a fixed-rate deal will be given the opportunity to secure a new deal up to six months in advance. They will also have the flexibility to manage their new arrangement and request a superior like-for-like deal with their lender right up until their new term begins, provided one is available.
Additionally, a fresh agreement between lenders, the Financial Conduct Authority (FCA), and the government will allow customers who are up-to-date with their payments to either switch to interest-only payments for six months or extend their mortgage term to lower their monthly payments. Customers will also be given the option to revert to their original term within six months by reaching out to their lender.
Which lenders have signed so far?
- Barclays
- Natwest, including RBS and Ulster Bank
- Lloyds, including Halifax and Scottish Widows
- Nationwide Building Society
- HSBC, including First Direct
- Santander
- Virgin Money, including Clydesdale Bank and Yorkshire Bank
- TSB
- Scottish Building Society
- Buckinghamshire Building Society
- Newcastle Building Society – Read more from The Newcastle
- Hinkley & Rugby Building Society
- Nottingham Building Society – Read more from The Nottingham
- Principality Building Society
- Suffolk Building Society
- West Bromwich Building Society
- Loughborough Building Society
- Family Building Society
- Coventry Building Society
- Yorkshire Building Society
- Skipton Building Society
- Leeds Building Society
- Bath Building Society
- Ecology Building Society
- The Vernon Building Society
- Leek Building Society
- Furness Building Society
- Melton Mowbray Building Society
- Glasgow Credit Union
- Darlington Building Society
- Progressive Building Society
Sources: The Intermediary & HM Treasury (26th June 2023)
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