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New Mortgage Repayment Difficulty Rules

What to do if you have mortgage repayment difficulty from 16 September 2020 and how this can affect you in the future.

The Financial Conduct Authority (FCA) has published guidance around the support mortgage borrowers should receive if they continue to face payment difficulties due to coronavirus, but has confirmed that these supports will be able to affect credit scores. It’s vital for all people who are having mortgage repayment difficulty to get in touch with their existing lender to work out a viable repayment plan.

News source and further information can be found on The Financial Conduct Authority (FCA) website see below link https://www.handbook.fca.org.uk/handbook/CONC/7/3.html

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Author: Payam Azadi

Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
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AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay. Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority.

FCA Number: 750263.

Commercial Buy-to-Let and commercial mortgages are not regulated by the Financial Conduct Authority.

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