Ecology signs government mortgage charter

This week, we signed a new mortgage charter launched by the UK government. The mortgage charter is a set of universal standards to help and reassure borrowers worried by high interest rates. We’ve signed the charter because we want to our Members know that we’re there to support them if they need us.

All lenders who have signed the charter have agreed that:

  • Anyone worried about their mortgage repayments can call their lender for information and support, without any impact on their credit score and we would encourage you to contact your bank who are there to help.
  • Customers won’t be forced to have their homes repossessed within 12 months from their first missed payment.
  • Customers approaching the end of a fixed rate deal will be offered the chance to lock in a deal up to six months ahead. They will also be able to apply for a better deal right up until their new term starts, if one is available.
  • A new agreement between lenders, the FCA and the government permitting customers 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, if they choose to. Both options can be taken without a new affordability check or affecting their credit score.
  • Support for customers who are up-to-date with payments to switch to a new mortgage deal at the end of their existing fixed rate deal without another affordability check.
  • Providing well-timed information to help customers plan ahead should their current rate be due to end.
  • Offer tailored support for anyone struggling and deploy highly trained staff to help customers. This could mean extending their term to reduce their payments, offering a switch to interest only payments, but also a range of other options like a temporary payment deferral or part interest-part repayment. The right option will depend on the customer’s circumstances.


You can read the full charter on the Government website.

Next steps
If you’re worried about making your next mortgage payment, the best thing to do is to contact us as soon as possible. The sooner you contact us, the sooner we can help you. Speaking to us won’t affect your credit file and there are ways we can help.

Published: 27 June 2023

Author: Laura Baines