Everything you need to know about the Mortgage Charter

If you’re currently searching for a property, or you’re thinking about the next step in your life, it’s likely to be a very exciting time. But as well as these positive feelings, it’s not uncommon to feel a little anxious especially when it comes to everything money related and the topic of mortgages.

The truth is, it feels like mortgages are always in the news right now and they can be pretty hard to understand. But an announcement regarding a Mortgage Charter in the UK aims to provide homeowners with a more fair and transparent mortgage process. But what exactly does this Charter say and what does it mean for you? Here, we explore everything you need to know. 

The Mortgage Charter 

Over the past few months, news of a Mortgage Charter has been on our TVs and lenders seem to be talking about it non-stop. But what is it? In short, it’s a joint commitment between the UK’s mortgage lenders that aims to make the mortgage process more fair and transparent for those looking to borrow. 

The Charter lays out best practices and guidelines which, if followed by the lenders, will ensure that borrowers know what to expect, what’s expected of them and have a better understanding of the overall process. If you’ve ever been involved in the mortgage approval process before, you’ll know that it’s not always the easiest thing to get to grips with. 

The aim is that Charter will make all terms, conditions, fees and rates clearer and there will also be essential advice and guidance available to borrowers, including first-time buyers and those facing financial difficulties, to ensure that everyone understands. In addition to this, all borrowers, no matter their financial situation, will receive equal and fair treatment. 

So, how does this benefit you?

The biggest benefit of the Mortgage Charter is that it will hopefully make the mortgage process easier to understand and fairer for everyone involved. What’s more, by giving borrowers the information and advice they need, it’s thought that they will be able to make better informed decisions. 

Thanks to essential guidance, and equal treatment, the Charter aims to reduce the stress associated with mortgage applications. Borrowers will also be safeguarded against hidden fees and unfair practices and it’s hoped that with a better process more people will be interested in applying for mortgages too. 

Any lenders found not adhering to the Charter will not only face consequences but also risk ruining their reputation and standing within regulatory bodies. This means that you’ll be able to see which lenders meet the Charter guidelines and can choose one that suits your needs. 

How can Kaytons help?

At Kaytons, we’ve been helping the people of Manchester and Salford to find their dream home for over 15 years. Plus, we take it upon us to stay up to date with industry news like the Mortgage Charter so that you don’t have to. What’s more, it means we can better guide you through the process and we even have a specialist mortgage contact for those who need some additional advice. 

So whether you’re a first time buyer in Manchester, are looking to refinance or perhaps just want a new home, why not get in touch today? Together, with our industry contacts, we can help you the whole way.

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