Mortgages news in 2023
25 stories, newest first.
- December 2023
42% of new mortgages extend beyond state pension age
Bank of England data obtained by a freedom of information request shows 42% of new mortgages granted in late 2023 will run past the borrower's projected state pension age, up from 31% in 2021.
Mortgage arrears rise for fifth consecutive quarter in Q4 2023
UK Finance's Q4 2023 review shows mortgage arrears rose for a fifth consecutive quarter, with 107,250 mortgages in arrears of at least 2.5 per cent of balance in December 2023.
- November 2023
Mortgage Guarantee Scheme deadline extended to 30 June 2025
The government has extended the deadline for new 95% mortgages under its Mortgage Guarantee Scheme to 30 June 2025, updating the scheme's policy paper on 23 November 2023.
- September 2023
Recent rule change makes 200,000 more benefit claimants eligible for SMI loan
A rule change to the government's Support for Mortgage Interest loan has extended eligibility to 200,000 more benefit claimants, according to Which?, which reports the figure alongside new survey findings on borrower reluctance.
- August 2023
Housing Loss Prevention Advice Service introduced
The Legal Aid Agency introduced a Housing Loss Prevention Advice Service on 1 August 2023 for people at risk of losing their home, with no legal aid financial eligibility test.
Mortgage Charter agreed by Government, FCA and lenders
The Government, the Financial Conduct Authority and mortgage lenders agreed a Mortgage Charter in August 2023, signed by lenders representing around 90% of the mortgage market.
- July 2023
Participating lenders to offer rate lock up to six months ahead of expiry
From 10 July 2023, lenders signed up to the Mortgage Charter began letting borrowers lock in a new mortgage rate up to six months before their existing fixed deal ends.
- June 2023
FCA publishes policy statement and revised rules to bring the Mortgage Charter into force
The FCA published a policy statement and revised rules on 30 June 2023 to bring the government's Mortgage Charter into force, giving lenders new options for borrowers in financial difficulty.
Mortgage Charter support for borrowers up to date with payments takes effect
From 30 June 2023 borrowers who are up to date with their mortgage can ask their lender to switch to interest only for up to six months or extend their term without an affordability assessment.
SMI eligibility rule changes for Universal Credit claimants documented
The Department for Work and Pensions has added information about changes to Support for Mortgage Interest eligibility rules for Universal Credit claimants to its statistics background and methodology note.
Government publishes Mortgage Charter with lenders covering 85% of mortgage market
The government published the Mortgage Charter on 26 June 2023, with lenders covering 85% of the UK mortgage market committing to measures for borrowers in financial difficulty.
Possession protection commitment takes effect
From 26 June 2023 lenders signed up to the Mortgage Charter will not force a borrower out of their home within a year of a first missed payment, except in exceptional circumstances.
New mortgage support measures agreed by lenders, Chancellor and FCA
On 23 June 2023 the principal mortgage lenders, the Chancellor and the Financial Conduct Authority agreed new support measures for residential mortgage holders, as mortgage rates rose.
Major mortgage lenders extend repossession threshold to 12 months of arrears
The UK's major mortgage lenders agreed in June 2023 to extend the point at which repossession orders can begin from three months of arrears to 12 months, a change the government estimated covered 90% of the market.
Majority of mortgage lenders sign new mortgage charter
The majority of UK mortgage lenders signed a new mortgage charter in June 2023, confirming support options for borrowers and protecting those who miss payments from repossession without consent for at least 12 months.
Mortgage Charter agreed by lenders, FCA and government
The UK's largest mortgage lenders, the Financial Conduct Authority and the Chancellor agreed the Mortgage Charter in June 2023, setting standards for helping borrowers worried about higher rates.
Mortgage Charter protection against quick eviction
Lenders covering 85% of the UK mortgage market have committed to a charter that stops them forcing borrowers out of their homes within a year of a first missed payment.
Resolution Foundation publishes mortgage crunch analysis
The Resolution Foundation estimated households whose fixed-rate mortgage deals expire in 2024 face an average annual repayment increase of £2,900, a figure Labour quoted as applying to this year.
- May 2023
Saltus survey finds one in five would cut pension contributions to cover mortgage costs
A May 2023 survey of 2,004 people by financial planning firm Saltus found one in five said they would have to cut pension contributions to cover rising mortgage costs.
- April 2023
SMI opened to employed Universal Credit claimants
The Department for Work and Pensions has changed Support for Mortgage Interest so employed Universal Credit claimants can qualify, cutting the waiting period from nine months to three.
Help to Buy - Wales opens to first-time buyers and home movers with a 5% deposit for homes up to £300,000
The Welsh Government's Help to Buy Wales shared equity loan scheme applies to new-build homes up to £300,000 from 1 April 2023, for first-time buyers and home movers with a 5% deposit.
Help to Buy - Wales price cap rises to £300,000 with EPC B requirement
The Help to Buy Wales purchase price cap rose from £250,000 to £300,000 on 1 April 2023, and every home sold through the scheme must now meet a minimum energy rating of EPC B.
- March 2023
FCA publishes guidance for firms supporting mortgage borrowers affected by living costs
The Financial Conduct Authority published finalised guidance on 10 March 2023 setting out how firms should support existing mortgage borrowers affected by rising living costs.
Support for Mortgage Interest waiting period reduced
The waiting period for Support for Mortgage Interest is to be cut from nine months to three months in spring 2023, alongside changes to the zero earnings rules, according to a benefits timetable.
- February 2023
Share of first-time buyers taking ultra long-term mortgages more than doubles
UK Finance figures show 18% of first-time buyers took out a mortgage term longer than 35 years in February 2023, up from 8% a year earlier, as longer terms spread among home movers too.