On 11 June 2021, the FCA published a new webpage providing information to mortgagees on the impact of LIBOR reform.

The webpage covers the following topics:

  • Do I have a mortgage which uses LIBOR to calculate my interest rate? The FCA explains that most mortgage interest rates are not calculated using LIBOR. If a mortgage uses LIBOR, the lender will tell the borrower.
  • What does the end of LIBOR mean for my mortgage? If a mortgage uses LIBOR, the lender may need to amend its terms and conditions to change the way the interest rate is calculated. If so, the lender will tell the borrower about this. The lender may also ask for the borrower’s consent to make these changes.
  • What happens if your mortgage isn’t moved onto a different rate? The FCA mentions that there may be some cases where despite lenders’ efforts to replace LIBOR in mortgage contracts it does not happen before the end of 2021. The FCA states that it will consult on providing a temporary solution for certain products, which may include mortgages, that have not changed by that time. As this will be a time-limited solution, it will be important for borrowers to respond to their lender when they are contacted.


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