FG23/2: Guidance for firms supporting existing mortgage borrowers impacted by rising living costs

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Finalised Guidance 23/2
Updated Finalised Guidance 24/2

We set out the ways mortgage lenders can help customers worried about, or already struggling with, their mortgage payments because of rising living costs. We also summarise feedback to our draft general guidance.

On 10 April 2024, we published updated guidance (FG 24/2) which replaces this guidance (FG23/2) with effect from 4 November 2024.


Read FG23/2 (PDF)

Why we are issuing this guidance

We want firms to be clear about the effect of our rules and the range of options they have to support their customers who are facing payment difficulties.

In Annex 1, we also set out feedback to our draft general guidance, consulted on in December 2022.

Who this is for

  • mortgage lenders
  • mortgage administrators
  • consumer groups
  • trade bodies


Many mortgage borrowers face higher mortgage payments alongside other increases in the cost of living. Borrowers may approach lenders needing or wanting to reduce, or smooth increases in, their monthly payments.

We consulted on draft general guidance which explains how firms can support their customers including through automated processes and digital channels. The draft guidance set out the flexibility firms have when providing forbearance to those who need it, and the scope firms have to vary contract terms for other borrowers who want to reduce their monthly payments.

The finalised guidance explains how firms can support their existing mortgage borrowers and comply with our existing Rules, Guidance and Principles.