Mortgage lenders have launched a £5m media campaign to publicise the support available to owner occupier mortgage holders if they face repayment issues.

The help available includes extending mortgage terms or switching to interest-only repayments temporarily.

On Thursday, the Bank of England’s monetary policy committee is expected to increase base rate for the 14th successive time – it is likely to rise from 5.0 per cent to either 5.25 or 5.5 per cent.

UK Finance, which represents the large majority of mortgage lenders, says its Reach Out ad campaign is aimed to encourage people to contact their “lender early on if they are worried about making their payments”.

Adverts will be rolled out across TV, radio, online and in print to urge people to contact lenders early, and owner occupiers will be told that help options include extending a mortgage term to reduce mon they payments; a temporary switch to interest-only payments; a temporary reduction in payment (including zero payment if appropriate); and a part interest-part repayment plan.

David Postings, chief executive of UK Finance, says: “We have launched this campaign with our members to make sure that anyone struggling with their mortgage payments knows that help is available. Lenders are ready to provide support even if a customer’s payments are up to date – if you’re struggling with your mortgage, or think that you will struggle, Reach Out to find out the options available for help.” 

In addition, 44 mortgage lenders representing 90 per cent of the mortgage market have signed up to the government’s new Mortgage Charter committing them to additional support for borrowers. 

This includes giving customers approaching the end of a fixed-rate mortgage the chance to lock in a deal and request a better like-for-like deal if rates change up to six months ahead, and a guarantee of no possession within 12 months of your first missed payment.