Mortgage Charter put in place to support borrowers

The Mortgage Charter

Whilst the Government is actively committed to halving inflation by the end of 2023, the current pressure on household spend continues due to the impact of successive base rate rises. In recognising that this is a concerning time for mortgage holders, particularly those who are due to come to the end of their existing deal in the immediate term, the Government have committed to working even more closely with lenders to make sure borrowers are supported.

“…We will do what it takes, and we won’t flinch in our resolve because we know that getting rid of high inflation from our economy is the only way that we can ultimately relieve pressure on family finances and on businesses.” Rt Hon Jeremy Hunt MP, Chancellor of the Exchequer

The Chancellor met with the UK’s largest mortgage lenders, UK Finance and the FCA on Friday the 23rd June. At this meeting, lenders agreed to new commitments in the 13-page Charter, to support borrowers at this challenging time. Lenders will supply specifically tailored support for anyone struggling with payments and provide well-timed information to help customers plan ahead. Anyone who is concerned about their mortgage payments are encouraged to contact their mortgage lender early, and this will not impact on their credit file.

The lenders have agreed:

  • From 10 July, customers approaching the end of a fixed-rate deal will have the opportunity to lock in a deal up to six months ahead. They will also be able to manage their new deal and request a better like-for-like deal with their lender right up until their new term starts, if one is available.
  • A new deal between lenders, the Financial Conduct Authority and the government permitting customers who are up to date with their payments to:

Switch to interest-only payments for six months, or

Extend their mortgage term to reduce their monthly payments and give customers the option to revert to their original term within six months by contacting their lender.

  • From 26 June, a borrower will not be forced to leave their home without their consent unless in exceptional circumstances, in less than a year from their first missed payment.

Lenders who have signed up to the charter are:

  • Aldermore Bank
  • Bank of Ireland UK
  • Barclays
  • Bath Building Society
  • Buckinghamshire Building Society
  • The Co-operative Bank, including Platform and Britannia
  • Coventry Building Society
  • Danske Bank
  • Darlington Building Society
  • Earl Shilton Building Society
  • Ecology Building Society
  • Family Building Society
  • Furness Building Society
  • Glasgow Credit Union
  • Hinckley & Rugby Building Society
  • HSBC, including First Direct
  • Kensington Mortgage Company
  • Leeds Building Society
  • Leek Building Society
  • Lloyds, including Halifax and Scottish Widows
  • Loughborough Building Society
  • Melton Mowbray Building Society
  • Metro Bank
  • Monmouthshire Building Society
  • Nationwide Building Society
  • Natwest, including RBS and Ulster Bank
  • Newbury Building Society
  • Newcastle Building Society
  • Nottingham Building Society
  • Principality Building Society
  • Progressive Building Society
  • Santander
  • Scottish Building Society
  • Skipton Building Society
  • Suffolk Building Society
  • Teachers Building Society
  • Tipton & Coseley Building Society
  • TSB, including Whistletree
  • The Vernon Building Society
  • United Trust Bank Limited
  • Virgin Money, including Clydesdale Bank and Yorkshire Bank
  • West Bromwich Building Society
  • Yorkshire Building Society

These lenders represent approximately 90% of the mortgage market.

In addition, the FCA has introduced:

  • new guidance clarifying how lenders can support borrowers impacted by the rising cost of living
  • information for borrowers on the options and support available if they are struggling with payments

In order that borrowers are made aware of what to expect when they need support from their lender, UK Finance will be launching a communications campaign. Whilst many lenders have existing plans in place, the Charter builds on this existing support and helps reassure mortgage holders that there are a number of government backed options available if they are concerned about meeting their repayments.


Homepage | UK Finance

Financial Conduct Authority | FCA

‘Best Broker Firm for Overall Quality 2023’ award for Springtide

We have won the ‘Best Broker Firm for Overall Quality’

With numerous changes happening on a national and global scale, Springtide Capital are proud to have sustained our high-level of overall quality and remained a trusted expert in the mortgage market. We are pleased to have been recognised by the Legal and General Mortgage Club with their ‘Best Broker firm for Overall Quality’ award for 2023.

Around 60% of all our activity is repeat business, demonstrating the high-level of overall quality we provide. We take every complaint extremely seriously and have only had one in the last year which has now been satisfactorily resolved. Our role is a long-term partnership with the client, as we proactively monitor rates ahead of our customers renewal date, offering expert insights into the market, supported by our strong relationships with lenders and underwriters.

In a fast-moving and economically challenging market, our skilled team have evolved to support our customers. Alongside your mortgage consultant, Springtide Capital will allocate you a dedicated case manager. Over the last year we have further increased our number of case managers, enabling us to offer a highly effective and personalised service. Our experienced mortgage consultants and case managers keep up to date with any initiatives and financial changes that have materialised, ensuring our customers have every opportunity to find the best possible deal.

“I am incredibly proud of the team. They work incredibly hard to find our clients the right deal and go above and beyond what’s expected. The fact that over 60% of our business is repeat business is a credit to the time and energy they invest in our clients and into securing a positive experience.” Henry Knight Managing Director, Springtide Capital.

To discuss your mortgage requirements today contact Springtide Capital on 020 8154 7280.


Return of 100% loan to value mortgage

The housing market needs first-time buyers to keep it moving. While the average age of first-time buyers has been creeping up and now stands at over 33 years of age, the number of buyers has dwindled, falling by more than 10% between 2021 and 2022. People are finding it harder and harder to make the leap from renting to buying. When buying your first home, it is normal to need to pay a deposit of around 10% of its value. A bank or building society will then loan you the rest. The launch of Skipton’s new product, called the ‘Track Record Mortgage’ could be just what the market needs to reverse these figures.

While 100% mortgages have been available before, this one specifically supports those with a strong rental record. To be eligible, applicants must have paid 12 monthly rental payments in a row over the last 18 months, paid household bills for the past year and be up to date with any loan or credit card repayments. In the current economic climate, with so many finding it impossible to save for a deposit while paying rent, this removes that obstacle, creating fresh opportunities for renters to become homeowners.

Charlotte Harrison, CEO of Home Financing at Skipton:

“We recognise there’s a clear gap in the market for people who have a strong history of making rental payments over a period of time so can evidence affordability of a mortgage – but there is currently no solution for them to buy a property due to lack of savings or access to family wealth. It is time for a re-think on these massive barriers to home ownership, and we’re proud to take the lead on bringing to the market, solutions for such a massive social problem.”

This product is fairly limited in scope, available only over five years at a fixed rate of 5.49%. This will limit Skipton’s exposure, as will the maximum term of 35 years. The maximum loan available is £600,000.

While there is excitement around this announcement there is also some caution, specifically around the risk of negative equity. Skipton will need to carefully consider each applicant and assess their suitability.

Henry Knight MD of Springtide Capital comments:

“100% mortgages have returned to help first-time buyers start their journey on the property ladder. Mortgage applicants and lenders need to keep the potential risks in mind when considering this type of mortgage. However, with applicants needing to show they can meet all their monthly bills consistently, it shows the lender is taking a responsible approach.”

This could be a game changing moment for those who need help the most.

It is very important to consider your options in detail when looking at any type of mortgage. We can help you decide the best option for you. Get in touch on 020 8154 7280.


First-time Buyer Statistics and Facts: 2023 |

A simple guide to buying your first home – Times Money Mentor (

Press Release Article – Skipton Building Society


Mortgage market review

In a month where inflation remains stubbornly high, The Bank of England’s Monetary Policy Committee (MPC) continues to revise monetary policy to meet the 2% inflation target. At its meeting this month the MPC voted to increase Bank Rate by 0.25 percentage points, to 4.5%.

This is the 12th consecutive rise in interest rates. The MPC in its summary, has not ruled out further rate rises to help meet their 2% target in the medium term.

Official bank rate:

Source: Bank Rate history and data | Bank of England Database

Borrowers may be concerned about whether this is the right time to take out a mortgage. Seeking advice is vital to ensure borrowers can comfortably afford to refinance based on their own individual circumstances.

There are however, many positive narratives across the mortgage market this Spring:

Figures from the Office for National Statistics released on the 24th May show that inflation has started to fall, down to 8.7 per cent in April, down from 10.1 per cent in March.

  • The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 7.8% in the 12 months to April 2023, down from 8.9% in March; on a monthly basis, CPIH rose by 1.2% in April 2023, compared with a rise of 2.1% in April 2022.
  • The Consumer Prices Index (CPI) rose by 8.7% in the 12 months to April 2023, down from 10.1% in March; on a monthly basis, CPI rose by 1.2% in April 2023, compared with a rise of 2.5% in April 2022.

New buyers, who are vital to keep the market moving will be able to access Skipton’s new product, this May. Called the ‘Track Record Mortgage’, it is the UK’s first 100% LTV Mortgage exclusively for renters. The product will enable renters to access the property ladder without a deposit. Tenants who can evidence affordability for a mortgage and have a strong track record of rental payments can borrow up to 100% of a property value.

House price growth shows signs of stabilisation in April according to the Nationwide house price index:

  • April saw a 0.5% rise in house prices after seven consecutive falls
  • Annual rate of house price growth improves to -2.7% from -3.1% in March
  • The average UK house price is £260,441

As global and economic concerns continue to influence the mortgage market, speak to one of our experienced team today to find the right solution for you. Call us on 020 8154 7280.


Consumer price inflation, UK – Office for National Statistics

Press Release Article – Skipton Building Society

House price growth shows signs of stabilisation in April (

Six major lenders update their cladding criteria

In the period since the tragic Grenfell Tower fire of 2017, understanding unsafe cladding has been a key issue when it comes to mortgages. Many of those living in similar buildings have been unable to remortgage or to sell their properties. Steps taken in response to the Grenfell Tower tragedy understandably resulted in revised regulation surrounding cladding and fire safety.

Measures included needing an ‘EWS1’ form, when applying for a mortgage. This is a type of safety certificate introduced after the Grenfell disaster. This form requires a professional survey of the property to determine the safety and suitability of the cladding, insulation and other materials used in its construction. Being unable to get this certificate has meant that some leaseholders and freeholders of high-rise buildings have become trapped in their existing mortgages.

The introduction of new industry guidance in January 2023 issued by the Royal Institution of Chartered Surveyors (RICS), helps valuers assess properties with cladding. As a result of this guidance, owners may now be able to sell and remortgage more easily, due to six major lenders agreeing to lend on affected properties. The six lenders who have updated their criteria are: NatWest, Santander, Barclays, HSBC, Lloyds and Nationwide.

It is a positive step forward in an area of lending that has been challenging. You will however, need to provide evidence that at least one of the following applies for you to get a mortgage from one of the six lenders:

Unfortunately, this means that if there is no remediation plan in place and you aren’t covered by one of the existing Government schemes, it will remain challenging to get a mortgage.

As the evidence required varies by lender, it is best to understand exactly what evidence is required before you apply. So, whilst it is positive that Banks will now lend on properties if the mortgage application meets individual lenders’ policy and regulatory requirements, there is still some way to go. Some lenders remain cautious about the government guidance surrounding higher-risk buildings

Henry Knight from Springtide Capital comments: ‘Existing homeowners who have found finding a mortgage deal on their property almost impossible are in a stronger position now in 2023. It is crucial that more lenders join the six existing banks to give customers as much choice as possible through increased competition’

Our expert advisors are here to find the right financing option for you. We understand the criteria required and can help improve your chances of a positive mortgage offer. Contact us today on 020 8154 7280


Cladding External Wall System (EWS) FAQs (

Valuation approach for properties in residential buildings with cladding (

Developer remediation contract – GOV.UK (

Medium-Rise Scheme (MRS) pilot opening: leaseholder factsheet – GOV.UK (

Remediation of non-ACM buildings – GOV.UK (,their%20towers%20or%20face%20a%20ban%20on%20developing.

Getting you through the mortgage maze

With hundreds of mortgages available, it can be daunting getting started on the journey to securing a mortgage. There are many things you can do to make the process as easy as possible. Here we will highlight some of them.


Get your paperwork in good order. Having the information to hand from the outset will stand you in good stead and will make the process less stressful for all involved.

A good example of the kind of information you will need to organise is the information required to apply for your ‘decision in principle’. This is often seen as the first step to buying or remortgaging a home. It helps you understand how much you could borrow before you apply for a mortgage.

To get your decision in principle you will need to provide confirmation of your personal details, know your regular outgoings, debt repayments and regular living expenses. Plus your salary and any other income that you receive on a regular basis. You will require at least a months’ worth of bank statements. You’ll need at least your last 3 months of payslips, your last P60 and evidence of any other income. If you’re self-employed you may have to provide several years’ business accounts.

An decision in principle is obligation-free and having one shows that you can, in theory, afford to buy a property. To get one, you’ll either need to approach a mortgage lender directly or via a mortgage broker.

Seek advice – Mortgage brokers

For something as important as a mortgage it makes sense to get expert help from someone who deals with them day in, day out. A mortgage broker has a key role to make sure you never pay more than you need to. They are able to review the mortgage market and apply for a mortgage for you based specifically on your financial circumstances. Due to their knowledge of each lenders underwriting criteria, they can advise you on which lenders are likely to accept you and which ones aren’t. This helps avoid delays and is important as it may have an impact on future applications. Brokers have access to software that allows them to search mortgage deals much faster and more thoroughly than you could yourself. A good broker can save you a lot of time and stress.

For more benefits of using a mortgage broker please read our article.

Get ahead

 If you arrange your mortgage as early as possible, you’ll be in a stronger position with sellers and estate agents. On average, offers typically take 3 weeks to come through, from when you apply for your mortgage to receiving your mortgage offer. Each offer lasts for a fixed amount of time, usually between 3-6 months. If there are likely to be any problems with your application it is best to know at the start and have time to remedy. The best advice is to start the process before you start seriously looking for somewhere to buy.  If you have an existing mortgage, it’s always best to lock in a new mortgage to start as soon as your previous deal ends.

Henry Knight from Springtide Capital advises: “We urge anyone coming to the end of their current deal to start talking to a broker at least seven months prior to that deal finishing. Acting early and decisively will be hugely beneficial.”

To help you navigate it all and to discuss your mortgage requirements today contact Springtide Capital on 020 8154 7280


 How to buy a home – GOV.UK (

Why use a mortgage broker? | Springtide Capital


Why use a mortgage broker?

How many times does the average person in the UK move house? Surprisingly, according to a recent poll from Zoopla it’s only once every 23 years. This has risen dramatically since the late 80s when the average was a little under nine years. Given this and the fact that about 85% of current mortgage stock in on fixed term deals, the average person’s experience of finding a new mortgage is limited. For something as important as a mortgage it makes sense to get expert help from someone who deals with them day in, day out.

So, what is stopping more people from using mortgage brokers? One reason is that it is now for more straightforward to get mortgage quotes. The rise of comparison websites has made it possible to get the rates for a wide variety of mortgage deals in a matter of few minutes.

However, when it comes to mortgages, rates are just part of the picture. Each lender has their own underwriting criteria, which is often extensive. According to Experian, lenders reject a third of customers using comparison sites as they do not meet their full lending criteria. A mortgage broker will gather all the information necessary and only present deals that you qualify for, preventing any unnecessary disappointment or delays.

This is just one reason to use a mortgage broker, here are four more.

Removes the hassle

Mortgage consultants at Springtide Capital take the time to fully understand the needs of each client, so they get to know what you need not just now but in the future. They do all the hard work for you, gathering the required information and documentation to conduct research with more than 100 lenders to find the most suitable deal for you.

No one enjoys completing forms, especially for something as involved as a mortgage. Once you’ve made an informed choice based on a complete picture of the options available, your consultant will prepare and submit your application for you. They’ll follow this up with a personalised report setting out and confirming their reasons for their advice and recommendations.

Dedicated support

Alongside your mortgage consultant, Springtide Capital will allocate you a dedicated case manager. They will ensure your application proceeds as smoothly and speedily as possible, they follow up with lenders through every step of the process. They can also liaise with third parties, such as solicitors, saving you valuable time and reducing additional worries at this already stressful time.

Providing peace of mind

When there are so many uncertainties in the world, understanding how you can protect your mortgage payments and safeguard your home if the worse should happen is vital. Our in-house protection specialist can review and arrange the appropriate cover for personal and/or business customers ensuring you are completely aware of the risks and how best to mitigate them.

Superior service

Springtide Capital has one overriding objective – to make sure you never pay more than you need to. Your mortgage consultant’s role doesn’t stop once a deal is complete, this a long-term partnership. It is their job to always be looking forward, proactively monitoring rates ahead of your renewal date to ensure you act quickly, at the right time, to get the right price.

At Springtide Capital our experts monitor all market indicators closely, helping clients to find the best possible options for their circumstances. Speak to us today to see how we could help you find the solution that’s right for you.

To discuss your mortgage requirements today contact Springtide Capital on 020 8154 7280.


Mortgage Outlook for 2023

All experts are predicting a bumpy ride for the economy in 2023. However, even just a few weeks into the year, we are beginning to see more positive signs that the picture won’t be as gloomy as was forecast at the end of last year. While consensus is that the UK will go into recession, the hope is this won’t be as deep as was feared. The Bank of England base rate, currently at 3.5%, will probably still rise, but HSBC have revised their forecast, predicting it won’t go higher than 3.75%.

The outlook for the housing market is similarly uncertain for 2023.There is consensus across the board that prices will drop, but by how much is still very much up for debate.

House prices fell in the last four months of 2022 and this trend is expected to continue, but the fall between November and December was just 0.1%. The market was quiet at the end of last year, as many people decided to wait and see what would happen with mortgage rates.

How much they will continue to fall in 2023 is uncertain. The most pessimistic warn the fall could be between 15% and 20%, but most believe it will be much less drastic than that. The Nationwide are predicting a slide, rather than a crash with a 5% reduction in prices.

What is clear is the housing boom fuelled by measures taken during the pandemic is over. British banks and building societies expect to lend 23% less to homebuyers in 2023 and the number of properties being sold is likely to be around 1 million, down from 1.27 million in 2022. However, there are reasons to back the more optimistic view of the year ahead and that the fall will be softer than some forecast.

These rate increases will only affect a limited proportion of the market. Around 85% of mortgage balances are on fixed interest rates, so they will be only affected by rate increases once they come up for renewal. According to the latest figures from the ONS, 1.4 million households in the UK are facing the prospects of interest rate rises when they renew their fixed term mortgages in 2023, but it is looking like their payments will go up substantially less than was feared.

While there will be some who will struggle to cover their mortgage payments, it is predicted that a relatively low number of people will be forced into moving in 2023. This is due to rising wages in the private sector, currently up to 7.2%, covering much of the price hikes caused by inflation. The unemployment rate is also predicted to increase only marginally, up to 5% from the current 3.6%, still low by historic standards.

There is no pretending 2023 will be a bumper year for the housing and mortgage markets. However, commentators believe that the decline will be temporary and modest growth will return in 2024.

At Springtide Capital our experts monitor the market closely, helping clients to find the best possible options for their circumstances, considering not the current situation but likely future outcomes. Speak to us today to see how we could help you find the solution that’s right for you.

To discuss your mortgage requirements today contact Springtide Capital on 020 8154 7280.


Nationwide predicts 5% house price falls in 2023 – Your Mortgage

UK lenders see 23% slide in mortgages for home-buyers in 2023 | Reuters

How increases in housing costs impact households – Office for National Statistics (

Average weekly earnings in Great Britain – Office for National Statistics (


Securing a mortgage in a volatile climate

On September 21st, the Bank of England raised the base rate to 2.25% which in turn has increased mortgage rates. The Bank of England may continue to increase interest rates in a bid to stem surging inflation to reach its target of 2%. The continued rises are unsettling both first-time buyers and those remortgaging, with mortgage deals being removed from the market at a pace.

How do base rate increases affect my mortgage?

The amount a rise in the base rate of interest will cost you will depend on what type of mortgage you have.

A Tracker mortgage: an increase to the base rate means your monthly mortgage payments will increase.

A Standard Variable Rate mortgage: your lender decides how much, if any, of the increase they would pass on.

A Fixed Rate mortgage: you will only see a change in your repayments when your fixed term ends. If your fixed-rate deal is coming to an end soon, you ought to plan ahead, as acting quickly to secure rates is advised as rates could be pulled and replaced with new higher rates at any time.

What can I do?

Firstly, don’t panic. Lenders are keen not to be caught out by a sudden rate rise and so are taking a cautious approach, lenders still want to lend and they have the money to do so.

Henry Knight, Managing Director of Springtide Capital commented:

“Given the current ongoing situation, it’s vital that people are aware of the terms of their mortgage and the details of their current deal. This is especially important given that the cost of living is increasing so rapidly and may play a part in meeting mortgage payments. Being prepared and looking ahead will be vital in securing the best possible rate and protecting from payment increases.”

If you are a first-time buyer, it is clearly a very challenging time. One of the key things, particularly for first-time buyers is to make sure that your credit record and your finances are in as good a state as possible. Be in a position to supply all the requested supporting documentation for your mortgage application as quickly as possible.

The benefits of choosing a mortgage broker

Brokers will play an integral part in helping buyers through the technicalities and financials of their mortgage process, beyond simply accessing products. In a quickly changing market they are best placed to keep up with product variations and will be in close contact with lenders. By contacting a mortgage broker early, you can explore your options and potentially lock in a more favourable rate before future increases. Over the coming months, both lenders and brokers will be dealing with high volumes of business as economic uncertainty is set to continue.

Henry Knight comments: ‘It is a complicated time in the mortgage market and the place for advice has never been more vital. The role of the adviser has never been so important, and as always, regulated financial advice will help individuals make an informed choice. At Springtide Capital we are with you every step of the way.”

With many variables to consider, whether you’re a first-time buyer or experienced property owner speak to one of our experienced, friendly advisers today to discover the right option for you.

Contact Springtide Capital on 020 8154 7280.


Bank Rate increased to 2.25% – September 2022 | Bank of England

About mortgages | Springtide Capital


The current mortgage market – our brief overview

The present uncertainty around mortgage rates and the general economic outlook has understandably caused some nervousness amongst buyers and homeowners.

What is happening to mortgages?

The Bank of England recently raised the base rate to 2.25% and made it clear that it is prepared to continue to raise rates in order to reduce inflation to its target of 2%.

In response to this, mortgage lenders have increased their rates, therefore making it more expensive for homeowners to borrow money. Furthermore, many lenders temporarily withdrew some of their mortgage products from the market as they wait for the economic situation and interest rates to reach a more stable position.

Lenders are cautious by nature and will take some time to take into account the current and future expected rate rises and, until new products are released which reflect the new cost of debt, there is likely to be a tightening of lending until early 2023.

If a lender has processed the application of a borrower and formally offered them a mortgage, these offers are being honoured. Despite some media reports, lenders are not withdrawing mortgage offers from applicants that have already been approved.

What is expected to happen next?

It seems pretty certain that, with inflation still close to 10%, mortgage rates will rise over the coming months and this will make it more expensive to buy a property with a mortgage. This will undoubtedly deter some would-be buyers from buying at all and cause others to re-think their budget.

Around 300,000 people come out of fixed rate mortgages every three months. These people will need to remortgage at a higher rate than they were previously fixed into. For some, this may not be affordable, and they may need to sell their property and buy something that is less expensive. Others will choose to restructure their borrowing by doing things like utilising ‘interest-only’ mortgages or extending the term of their mortgage to reduce repayments.

During the 2008 global financial crisis and the recent pandemic, lenders worked with borrowers to avoid default or serious financial stress by offering them a raft of temporary reliefs such as payment holidays and penalty-free switches to interest-only mortgages. If necessary, we would expect lenders to do the same again in response to the rapid rate rises.

What should you do?

The property market is cyclical in nature and it is almost impossible to buy or sell property at exactly the ‘right’ time, and the vast majority of people buy and sell based on their personal and financial situation. The market over the next few months will be very different from what we have experienced over the past couple of years, but people will continue to buy and sell property regardless of whether prices are going up or down.

We are here to help.

By engaging with clients early, mortgage brokers can help set expectations, help create a clear understanding of affordability and risks. And while brokers cannot drive down costs, they do have up to date information and visibility on the whole range of products that are available in the market. At Springtide Capital in addition to accessing products, your broker supports you through the whole process, completes the administration for your application and you have access to a case manager who is with you every step of the way. We offer a personal service and are here to help every client find the best possible deal at the best possible rates. Speak to one of our friendly and experienced advisers today.

Contact Springtide Capital on 020 8154 7280.


Banks withdraw hundreds of mortgages: the best rates still available for home movers and first-time buyers – Which? News

Experian plc – Switch and save: New Experian data finds households could save up to £5,200 on existing credit