link to ringley website
  • Home
  • About Us
    About us & leadership Awards Savings for Clients Case Studies Green Management Strategies Market Overview Leasehold Reform Campaign Money Back Guarantee
  • Our Services
    • Asset Management
      • UK Asset Management
      • Project Monitoring
      • ESG Consultancy & Implementation
      • PropTech & Living Sectors Platform
      • Marketing Insights
      • Resident Journey
      • Stabilised Assets
      • UK Build to Rent
      • UK Later Living
      • UK Co-Living
      • UK Student Accommodation
      • UK Single Family Housing
    • Block Management
      • Overview - London
      • Overview - Wales & West
      • Overview - Southwest
      • Right to Manage
      • Freehold Management
      • Resident Management
      • Estates of Houses
      • Ground Rent Collection
      • How to change agent?
      • Block Management Services
      • Can't afford an agent?
      • Legal & Tribunals
      • Top 10 Tips
      • Report an incident
    • Commercial Management
    • Law
      • Overview
      • Meet The Team
      • Recommendations
      • Right to Manage
      • Lease Extensions
      • Freehold Purchase
      • Absentee Freeholder
      • Court Appointed Manager
      • Conveyancing - Wales
      • Conveyancing - England
      • Service Charge/Rent Arrears Recovery
      • Company Secretary
    • Property Valuations
      • Overview
      • Loan Security
      • Company Accounts
      • Lease Extensions
      • Freehold Purchase
      • Rent Reviews
      • Ground Rent Investment
      • Development Valuations
      • Expert Witness & Litigation
      • Tax, Trusts & Accounts Valuations
      • Trading Business
      • Compulsory Purchase
      • Residential Valuations
    • Engineering
      • Overview
      • EWS1 Consultancy
      • Asbestos
      • Contract Administration
      • Fire Assesment
      • Homebuyer Survey
      • Building Survey
      • Schedules
      • Party Wall Matters
      • Principle Designer
      • Disability Access Audits
      • Small Building Works
      • Fire Door Inspection
      • Insurance Valuations
    • Property Accounting
      • Finance
      • Quote For Service Charge Accounts?
      • Property Accounting Law
      • Accounting Updates
      • To Audit or Not?
    • Plant & Facilities Management
      • Plant & Facilities Management
      • Fire Door Inspection APP
      • Fire Safety Update
    • Site Staffing Solutions
      • Ringley Integrated Site Staff Solutions
    • Leasehold Guidance
      • Overview
      • Right to Manage
      • Purchasing The Freehold
      • Court Appointed Manager
      • Absentee Freeholder
  • Insights
    Asset Management Articles Block Management Blogs Publications BTR Rental Market Blogs Customer Insights FAQ - Ask Our Experts Insurance Calculator
  • Get In Touch
  •    
  • Work with us
  •  
  • Portal Login
Industry Updates: Jeremy Hunt's New Mortgage Charter

Written by: Marry-Anne Bowring 26/07/2023
  435       0
Responsive image

Industry Updates: Jeremy Hunt's New Mortgage Charter

Concerns are growing in the UK mortgage market, which is currently experiencing turmoil, and there are genuine fears that this could lead to a collapse in the housing market.

What Help Has Jeremy Hunt Agreed for Mortgage-Paying Homeowners?

Chancellor Jeremy Hunt expressed his satisfaction with what he referred to as "a new mortgage charter that offers limited support to residential mortgage customers." However, it should be noted that this charter does not include any specific provisions to assist buy-to-let investors.

What Are the Three Key Aspects of the Hunt 2023 Mortgage Agreement?

Hunt announced that he has reached an agreement with banks, primary mortgage lenders, and the Financial Conduct Authority on three significant measures:

1. Individuals can now freely communicate with their bank or mortgage lender without negatively impacting their credit score. If a borrower is concerned about the financial implications for their family and decides to switch their mortgage to interest-only or extend its term, they can revert to their original mortgage deal within six months without any negative consequences on their credit score. This provides people with a valuable tool to manage their monthly budgets better. These changes have now taken effect.

2. For individuals facing the extreme situation of potential home loss, banks, and mortgage lenders have implemented several measures to avoid repossession whenever possible. However, in such extreme circumstances, they have mutually agreed to wait for a minimum 12-month period before initiating repossession proceedings without the homeowner's consent. Hunt believes these measures should relieve borrowers worried about high-interest rates and act as a support system for those who may face difficulties making timely repayments.

Skepticism About the Six-Month Relief Period

However, some leading mortgage broking firms have expressed skepticism regarding the six-month relief period provided for homeowners to return to their original mortgage deal. They question whether this timeframe is substantial and doubt that significant changes can be made within six months. They acknowledge that the payment shock only affects a small percentage of homeowners.

Provisions of the Agreement: Key Details

The agreement reached between lenders and Chancellor Hunt includes the following provisions:

1. Individuals concerned about their ability to repay their mortgage can contact their lender for assistance and information without it affecting their credit score. Homeowners will not face repossession of their homes within 12 months of missing their first payment. Customers nearing the end of their fixed-rate mortgage will be allowed to secure a new deal up to six months in advance. They can also apply for a better deal until their new term begins if one is available.

2. A new arrangement between lenders, the Financial Conduct Authority, and the government will allow customers to switch to an interest-only mortgage or extend their mortgage term for six months to reduce their monthly payments. They can revert to their original term within the first six months without undergoing a new affordability assessment or impacting their credit score. Support will be provided to customers who are up to date with their payments, enabling them to switch to a new mortgage deal at the end of their existing fixed-rate term without undergoing another affordability check. Timely information will be provided to help customers plan if their current mortgage rate is about to expire.

3. Personalised support will be offered to individuals experiencing financial difficulties, with professional assistance available. Options may include extending the mortgage term to lower payments, switching to interest-only payments, temporary payment deferrals, or a combination of interest and repayment adjustments. The appropriate solution will depend on the customer's specific circumstances.

Provisions for Homeowners in Financial Difficulty

Jeremy Hunt's agreement also includes personalized support for those facing financial challenges, such as extending mortgage terms, switching to interest-only payments, or even deferring payments temporarily based on the individual's specific situation.



Property Management Block Management Building Safety
POPULAR POSTS

Solar panels on flats - what you need to know

Is noise getting you down?

Ground Rent: Fines for Landlords Who Charge Ground Rent

High Court: Right to Rent does breach human rights

Landlords beware - Don't believe everything you read!

RECENT POSTS

Private Landlord Exodus Accelerates as Reforms and Rising Costs Pressure Rental Market

Freeholders claim Human Rights infringed in Legal Battle Over Leasehold Reforms

Freeholders Win Early Round in Legal Battle Over Leasehold Reforms

New Standards for Smart Appliances Aim to Reduce Household Energy Bills

HMO Investment and Mortgage Trends in the UK: Q1 2025 Overview



Blogs related:

ASSET MANAGEMENT
Has anything changed since 2017?
Carefully considered reform could really turn leaseholders into property ownersBack in 2017, following the last election, Christopher Howarth a senior researcher at the House of Commons set out ways in which leasehold reform could really turn leaseholders into property owners. The article resurfaced on Twitter last week. Two years down the line, we took another look at some of his points and today we're putting our own spin on them.First, Chri...

Read


ASSET MANAGEMENT
Intern Experience: Lena
My name is Lena and I live, work and study in Berlin, Germany. I came to Ringley Chartered Surveyors for a six-week internship as part of my studies. Back home in Germany, I study Business Administration with a special focus on real estate management and engineering. I also work for a housing company in Berlin. Going abroad for my internship, my goal was to get some insights into London?s fast-paced real estate market, which I was able to achi...

Read


ASSET MANAGEMENT
Tory Council To Support The Recommendations of The Select Committee On Levelling Up
A committee of UK MPs has urged the government to tighten existing rental reform measures. They have found support for their stand from a Tory council in Middle England. The Select Committee on Levelling Up, Housing, and Communities has widely criticized the government's reforms, where all parties have representation.

Read


Meet our Expert Property Commentators

Mary-Anne Bowring FTPI FRICS FARLA FCABE Founder/Head of Asset Management

Strategic partnerships, holistic delivery/ opportunities, growth, value engineering, thought leadership

Ian Barber MD BTR Mobilisation & Leasing

Runs HQ & site lease-up teams. Drives rent pricing, mobilisation, marketing, happy residents!

Jon Curtis MRICS Head of Building Engineering

Chartered Building Surveyor. Lectures on EWS1 & building safety. Runs CapEx programmes.

Kate Robinson MTPI MD Blocks/FM Management (London Region)

Master plan setup, ops and staffing and resident engagement. ISO45001 champion.

Lee Harle Partner Ringley Law

Plot conveyancing. Debt litigation. Group Company Secretary.

Natalie Birmingham Helpdesk Support Manager

Trainer & Helpdesk Manager: people, systems,contractors. ISO45001 supply chain accreditation.

Chris Georgalis MRICS Head of Commercial Valuation

Chartered Valuer. Rental valuations: retail, leisure. IRR modelling and valuations for secured lending. Compulsory purchase & rent reviews

Nichola Pughe MRICS Head of Residential Valuation

Chartered Valuer. Rental development & mixed use valuations, IRR modelling. Leasehold enfranchisement specialist


Insights, articles & blogs
INDEX

PROPERTY
BLOGS

LANDLORD
BLOGS

PROPERTY
ARTICLES

E-BOOKS

inshights shared - link to planetrent blogs

Landlord blog
Read landlord blog
inshights shared - link to ringley blogs

Property blogs
Read property blogs
inshights shared - link to ringley articles

Property articles
Read property articles
inshights shared - link to ringley ebooks

E-books
Read E-books

Our Offices

link to ringley social media facebook link to ringley social media instagram link to ringley social media linkedin link to ringley social media x-twitter
  • London
  • Ringley House
  • 1 Castle Road
  • London
  • NW1 8PR
  • T: 0207 267 2900
  • London
  • Ringley House
  • 47 Rochester Place
  • London
  • NW1 9JL
  • Manchester
  • 11 Swan Street
  • Northern Quarter
  • Manchester
  • M4 5JJ
  • T: 0330 174 7777
  • Cardiff
  • 122 West Bute Street
  • Cardiff Bay
  • Cardiff
  • CF10 5LJ
  • T: 0330 174 7747
link to ifsm website link to tpos website link to rics website link to ukgbc website link to governmanet security industry authority website link to alep website
  • What we do
  • Asset Management
  • Block Management
  • Facilities Management
  • Property Law
  • Surveying / Valuation
  • Building Engineering
  • Financial Services
  • Managing Agents
  • Block Management Locations
  • Co-working
  • Renting & Letting
  • Right to Manage
  • Contractor Management
  • Space to Work
  • Fees and Client Money Protections
  • Ringley Group
  • About us
  • CSR / ESG
  • BusyLiving
  • PlanetRent
  • Talk to us
  • Careers
  • Ask a Question
  • Insights
  • Articles
  • Blogs
  • Subscribe
  • BTR & PRS Buildings

Report an incident

Emergency line 1: 0207 428 2056

Emergency line 2: 0207 267 2900

Email: solutions@ringley.co.uk

All content © copyright 2025. Ringley Limited. All Rights reserved. Ringley Limited, incorporated and registered in England and wales.

Registered office: Ringley House, 1 Castle Road, London, NW1 8PR. Company No. 03302438

Terms of use | Privacy Policy | Modern slavery act | COVID-19 risk assessment

Ringley Staff Dashboard
link to ringley social media facebook link to ringley social media instagram link to ringley social media linkedin link to ringley social media x-twitter
link to ringley social media x-twitter for small device
link to ringley social media linkedin for small device
link to ringley social media instagram for small device
link to ringley social media facebook for small device
  • Ringley Group
  • About us
  • CSR / ESG
  • BusyLiving
  • PlanetRent
  • Talk to us
  • Careers
  • Ask a Question
  • Insights
  • Articles
  • Blogs
  • Subscribe
  • BTR & PRS Buildings
  • What we do
  • Asset Management
  • Block Management
  • Facilities Management
  • Property Law
  • Surveying / Valuation
  • Building Engineering
  • Financial Services
  • Managing Agents
  • Block Management Locations
  • Co-working
  • Renting & Letting
  • Right to Manage
  • Contractor Management
  • Space to Work
  • Fees and Client Money Protections
  • Email: solutions@ringley.co.uk

  • Emergency line 1: 0207 428 2056

  • Emergency line 2: 0207 267 2900

  • Report an incident
  • Our Offices
  • London
  • Ringley House
  • 1 Castle Road
  • London
  • NW1 8PR
  • T: 0207 267 2900
  • London
  • Ringley House
  • 47 Rochester Place
  • London
  • NW1 9JL
  • Manchester
  • 11 Swan Street
  • Northern Quarter
  • Manchester
  • M4 5JJ
  • T: 0330 174 7777
  • Cardiff
  • 122 West Bute Street
  • Cardiff Bay
  • Cardiff
  • CF10 5LJ
  • T: 0330 174 7747
Privacy Policy
Ringley Staff Dashboard
link to ifsm website link to tpos website link to rics website link to ukgbc website link to government security industry authority website link to alep website

All content © copyright 2025. Ringley Limited. All Rights reserved. Ringley Limited, incorporated and registered in England and wales. Registered office: Ringley House, 1 Castle Road, London, NW1 8PR. Company No. 03302438
Terms of use | Privacy Policy | Modern slavery act | COVID-19 risk assessment