18 Jul 2023
Monmouthshire Building Society Joins the Government’s Mortgage Charter
The government recently created a Mortgage Charter, for mortgage lenders like us to voluntarily sign up to. It offers commitments to people with residential mortgages to provide them with further support during this time. Monmouthshire Building Society has joined this charter to make sure we continue to offer as much support and flexibility to those who may be in financial difficulty.
Our commitments to our Members as part of the Mortgage Charter are:
- If clients need support with their mortgage, they can reach out to us to ask for help, speaking to us won’t impact their credit rating
- Clients can secure a new rate up to 4 months before their current rate ends
- If a client’s current deal is coming to the end of its term and they haven’t missed a payment, they can switch their existing balance to another mortgage deal with us without an affordability check
Please direct clients to the Mid-term Amendment Form here Documents | Monmouthshire Building Society | Monmouthshire Building Society (mbs-intermediaries.com)
- If their normal mortgage payment covers both interest and capital, clients can change to interest only as a short term measure if they haven’t missed a payment. This may lower their payment for 6 months. Their payment will however be higher after the 6 month period, due to them not having paid the capital element of their normal mortgage payment during this period
- If we offer a better rate than the one they are currently on, please contact your brokers@monbs.com to discuss.
- We won’t force anyone to leave their home for at least 12 months after a first missed payment
For more details on our rate switches click here
For free, impartial financial support advice visit our Financial Support and Advice pages to discover support options and organisations that can help.
