We’ve implemented the key principles of the mortgage charter in addition to our existing short and long-term forbearance measures to provide our customers with all possible support.
How we’ve chosen to implement these measures might differ slightly from other lenders – for example, at Gen H, homeowners can select a new rate 180 days before their rate period ends, whereas others might only offer 120 days.
We will always try to understand if the measures set out by the mortgage charter will offer you the best support based on your individual circumstances or if other options may be better for you.
The mortgage charter measures we’ve implemented will allow customers who are up to date with their payments to:
Reduce their capital payments (including to zero) and pay interest only for up to 6 months without accruing arrears,
Extend the mortgage term up to no longer than retirement age, and
Fully or partly reverse a term extension within 6 months of the initial request to extend the term
These measures will result in more interest being charged over the lifetime of the mortgage, so they may not be the right option for you.
For that reason, we recommend that you pay your mortgage if you’re able to.
Further,
A borrower will not be forced to leave their home without their consent less than a year from their first missed payment except in exceptional circumstances.
Homeowners who are approaching the end of their fixed rate deal will have the opportunity to lock in a new rate 180 days in advance. Customers who have locked in a new rate will be able to switch to a different rate as many times as they like, or cancel their rate switch altogether, up until 5 working days before their product switch completes without paying any early repayment charges.
Homeowners who are up-to-date with payments will be able to switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check.