Building societies and credit unions know that many people are worried about increasing mortgage costs. Our members have experienced teams ready to offer practical, tailored support to those that may be struggling.

The announcement made by the Chancellor and largest seven lenders today is designed to support mortgage borrowers and is expected to take effect in the next two weeks.

The BSA is working with its members, regulators and the Government to understand the full detail of the agreement.

Anybody worried about their ability to pay their mortgage should contact their lender. They will provide a safe space for a confidential, non-judgmental conversation and will do everything possible to help each borrower.

Contacting your mortgage lender to talk about the options available will not impact your credit file.