The Financial Conduct Authority has outlined proposals aimed at making it easier and more affordable for homeowners to manage and amend their mortgage arrangements.
The City watchdog has launched a consultation exploring changes to current rules, with a focus on helping borrowers reduce their mortgage terms or switch lenders more easily.
Under the plans, homeowners could be allowed to shorten their mortgage without undergoing a full affordability check, potentially lowering lifetime interest costs and reducing the risk of carrying debt into retirement.
The FCA also wants to streamline how borrowers engage with mortgage providers, while ensuring access to advice remains available.
The regulator says the proposals support its wider consumer protection strategy and follow the rollout of its Consumer Duty framework in 2023. It will evaluate the changes through firm supervision and complaint monitoring.
The consultation is open until 4 June, ahead of a broader review of the mortgage market later this year.