Mortgage Charter

We are here to help if you’re facing difficulties in paying your mortgage.

Mortgage support using the Mortgage Charter

As a lender, we already provide support for mortgage borrowers who are concerned about or are struggling with their mortgage payments.

The Mortgage Charter is an agreement between the Government, the Financial Conduct Authority, and lenders, to provide even more support. The Mortgage Charter has been created to help borrowers who are affected by higher interest rates.

If you are worried about affording your mortgage payments, there are options available to help you. The following options do NOT require a new affordability check (to examine your income and outgoings).

You can switch up to three months early to a new mortgage deal.
You can extend your mortgage term (as long as the new term does not extend beyond your expected retirement age) without affecting your credit score.
You can switch to interest-only for six months without affecting your credit score.

It is important to talk to us about your options before finding yourself in financial difficulty. Please be aware that these options are not available to buy-to-let customers, and are only available to residential customers whose payments are up to date.

Switch to a new deal

Extend your mortgage term

Switch to interest-only

Read the mortgage charter

Already in financial difficulties?

If your mortgage is already in arrears, the above options won’t be suitable for you. However, we are committed to supporting all members who are in financial difficulty, and you should contact us so that we can help you. You can contact us on 01455 412685, Monday to Friday, 9am to 5pm – or email us at mortgagesupport@hrbs.co.uk.

Frequently asked questions

Can I have more than one support measure under the Mortgage Charter?

The Mortgage Charter allows members who are up to date with their payments to switch to interest-only for six months, or to extend their mortgage term (with the option to change back within six months). With either option, we do not carry out a new affordability check to examine your income and outgoings, and it won’t affect your credit score.

If you choose one option, and later decide to also apply for the other option, you will have to complete an affordability check for the second option before it can be considered.

What should I do if I have concerns about my mortgage or need support?

If you are concerned about your mortgage, or would like to discuss your options, please talk to us. We will help you find the most suitable option based on your circumstances.

You can contact us on 01455 412685, Monday to Friday, 9am to 5pm – or email mortgagesupport@hrbs.co.uk.

Contacting us to discuss options will not affect your credit score.

You can also find a list of organisations on our website who provide free and independent advice to help with your finances.

Free and independent advice

When can I switch to a new mortgage deal?

You can switch up to three months before your current deal comes to an end.

We’ll contact you three months before your current deal ends, telling you about your options and how to switch your deal if you want to.

Once you’ve decided, we’ll give you a new mortgage illustration, which will show all the details of your new deal and what you need to do to accept it. Your new deal can either start when your current one comes to an end, or you can choose to switch immediately.

Is there any protection against repossession under the Mortgage Charter?

Repossessing a home is the last thing to do. Repossession is only considered as a last resort, or when it is in the borrower’s financial interests. Under the Charter, a borrower will not be forced to leave their home without their consent unless in exceptional circumstances, in less than a year of their first missed payment.

Are the Mortgage Charter options right for me?

We can’t give you advice or make recommendations, but we will provide you with all the information you need to make a decision that’s right for you.

If you are still unsure what to do, you should seek independent mortgage advice. You can find a list of organisations on our website who provide free and independent advice to help with your finances.

If you can afford to pay your mortgage payments now, you should think very carefully before making changes, as they will cost you more in the longer term.