A MAJOR mortgage rule shake up means millions of borrowers can apply for breathing space on their loans from today.
The new rule lets you temporarily switch your mortgage to interest-only, or extend your term to bring monthly payments down.
You won’t have to submit any further income details or share monthly spending commitments – you can just ask your lender to make the switch.
And it won’t affect your credit score for six months if you choose to take up the offer.
The shake up comes after an emergency meeting in Downing Street where the major high street banks and financial regulators agreed to loosen the rules to help struggling borrowers.