The Financial Conduct Authority (FCA) has updating borrowers’ responsibilities to their existing mortgage holders, will only cover ‘regulated’ products. You can see the full details here.
This means that buy-to-let mortgages, which are deemed to be ‘unregulated products in the UK’ will not be covered.
The FCA is calling on borrowers to show ‘forbearance’ towards homeowners who may be in trouble financially in the coming months.
“Borrowers may approach lenders needing or wanting to reduce, or smooth increases in, their monthly payments,” its advice says.