Posted March 10, 2023
The Money Advice Trust has today welcomed new Financial Conduct Authority (FCA) guidance for mortgage lenders to support customers impacted by the cost of living, but is urging the regulator to go further to help people who are already struggling with their repayments.
“Today’s guidance from the FCA is welcome and the regulator is right to expect lenders to play their full role in supporting customers who are struggling. It is vital that mortgage lenders ‘get ahead’ of this problem, including proactively offering support to those worried about their repayments.
“As cost of living pressures continue to mount, however, the regulator may need to go further - with lenders required to offer longer-term forbearance, beyond what is currently available, where necessary.
“Anyone worried about their mortgage repayments should contact their lender as soon as possible. You can also contact a free debt advice service like National Debtline or Business Debtline, who will be able to take you through your options.”