Barclays advised new Mortgage Charter support not available

MIXAM

Hi, I called up Barclays my mortgage provider to seek assistance under new Mortgage Charter (I wanted to pay interest only for 6 months) and was told that Barclays is still deciding on how to implement the new requirements. How long will this take? Can they delay the scheme if they want? 

MWT

As ever, making announcements about what has been agreed, doesn't translate into instant updating of the regulatory framework, the necessary system changes and the essential staff training, so this is going to take a little time.

How much time is unclear at the moment, but nothing in the Charter required immediate availability of all the options under the Charter so they and the other lenders have not done anything wrong at this point...

Also do make sure that this is really the best option for you as it will mean that at the end of the 6 months of interest only payments you will be facing a higher normal repayment amount than you were before taking the 6 month option...

There are more details here on the likely affect on future payments, and the suggestion that it will be August before most lenders are ready to offer this option...

https://www.moneysavingexpert.com/mortgages/struggling-to-pay-your-mortgage/