Mortgage lenders in the UK have launched an ad campaign highlighting the support available to customers if they are struggling with repayments.
Industry body UK Finance said that the key message of the campaign is to encourage people to reach out to their lender at an early stage if they are worried about making their monthly payments.
Support can include:
* Extending a mortgage term to reduce payments
* A temporary switch to interest-only payments
* A temporary reduction in payment (including zero payment if appropriate)
* A part interest-part repayment plan
The Reach Out campaign will feature ads on billboards, radio, print and digital, with plans for TV ads to roll out in September.
In the year to January 2023, lenders helped more than 200,000 borrowers who who were unable to meet their full mortgage payments and more than 2 million who needed financial difficulty assistance, UK Finance said.
Additionally, 44 mortgage lenders representing 90% of the mortgage market have signed up to the UK government’s new Mortgage Charter, committing them to additional support for borrowers. This includes giving customers approaching the end of a fixed-rate mortgage the chance to lock in a deal and request a better like-for-like deal if rates change up to six months ahead, and a guarantee of no repossession within 12 months of the first missed payment.
