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New mortgage charter- could be helpful

2 replies

hockeysticks89 · 19/07/2023 22:38

I can't see any threads on this already. Is everyone aware of the new mortgage charter that most lenders have signed up to, to help with the cost of living crisis? You can switch to interest only for six months (there are other options but I think this will be most popular) and most importantly, it won't be recorded on your credit record. Of course it does cost in the long run as your balance will increase and so your interest will, too.

OP posts:
ZebraD · 19/07/2023 22:39

Your balance shouldn’t increase if you are paying the interest. It should stay the same.

hockeysticks89 · 19/07/2023 22:43

ZebraD · 19/07/2023 22:39

Your balance shouldn’t increase if you are paying the interest. It should stay the same.

Sorry yes, you're quite right. Was trying to make the point (badly) that it is not free money and there is a financial consequence

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