14 Dec 2022

Guidance for firms supporting their existing mortgage borrowers impacted by the rising cost of living

We’re consulting on draft guidance explaining a range of options firms have to support customers, including varying a contract for forbearance purposes.

How to respond

The draft guidance seeks to clarify the effect of our existing rules and principles rather than set out new expectations or requirements. To ensure we can act quickly to enable firms to help consumers, we are consulting on this guidance over the next 10 working days.

There is no statutory requirement to prepare a cost benefit analysis for guidance.

We would welcome comments from stakeholders on this draft guidance by 5pm on Wednesday 21 December 2022. Please send your comments to: MortgagePolicyCorrespondence@fca.org.uk.