Rising interest rates – New Mortgage Charter

27th June 2023

The Vernon is pleased to confirm support for the new Mortgage Charter.

Rising interest rates – New Mortgage Charter

The Charter was agreed during discussions between the Chancellor and the UK’s largest lenders and launched on June 26th. 

The Charter has been drawn up to help homeowners who are anxious about the increasing interest rates, and to provide support for anyone who gets into difficulty.

At The Vernon, we always pride ourselves on delivering highly personalised support and the new Charter aligns to our existing approach to all customers.

Full details of the Charter can be found here

The key summarised points applicable to all Vernon borrowers are:

Anyone worried about their mortgage repayments can call us on 0161 519 9319 for information and support, without any impact on their credit score.

Customers in difficulties will not be forced to have their homes repossessed within 12 months from their first missed payment.

Customers approaching the end of a mortgage deal will be offered the chance to lock in a deal up to four months ahead.

Customers who are up to date with their payments but facing difficulties, will be able to switch to an interest-only mortgage for six months or extend their mortgage term to reduce their monthly payments and switch back to their original term within the first six months, without affecting their credit score.

Customers 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.

We will provide tailored support for anyone struggling to make mortgage payments, through highly trained staff. 

If you have any concerns about making your mortgage payments either now or in the future, please call us on 0161 519 9319 and speak to one of our highly experienced team.