Nationwide, Barclays, NatWest, Lloyds, Santander, and HSBC UK—the six largest banks and building societies in the UK—have pledged to proactively contact 1.6 million mortgage customers whose fixed-rate agreements are set to expire by the end of 2026. This initiative aims to provide homeowners with timely information and tailored support well in advance of any payment changes.
Labour Party Chancellor Rachel Reeves secured this commitment to ensure customers clearly understand their options and can access bespoke assistance without impacting their credit scores. Speaking on the agreement, Ms. Reeves emphasized the importance of reassurance amid economic uncertainty: “People need clear reassurance and practical help. That’s why I’ve brought the biggest lenders together to step up support and make sure anyone who is worried can access the Mortgage Charter options quickly, without their credit score being affected.”
The Treasury confirmed that the lenders will reach out to borrowers whose fixed-rate deals expire between now and the end of the year, helping them navigate their choices efficiently. This proactive approach includes the reaffirmation of the Mortgage Charter, which allows customers to lock in new rates up to six months in advance and switch deals without undergoing additional affordability checks.
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Additionally, the Mortgage Charter offers temporary relief measures, such as the option to switch to interest-only payments for up to six months. Importantly, engaging in these support discussions will not harm customers’ credit ratings.
With approximately 86% of mortgages currently on fixed rates, most borrowers are not immediately vulnerable to short-term interest rate fluctuations. However, this coordinated outreach ensures that millions of homeowners receive timely guidance to manage their finances effectively as their mortgage terms evolve.