Changing the length of my mortgage

Thinking about reducing or extending the term (length) of your mortgage? Below is an overview of what you need to know.

Overview

Your mortgage term is the amount of time you’ll have your mortgage for. You would have chosen this when you initially took out your mortgage. If you’re unsure of your current term, you’ll be able to find this on your annual mortgage statement, or on the mortgage offer letter we would have originally sent you.

If you have a repayment mortgage, you can speak to us about reducing your monthly payments by extending the term. It’s worth bearing in mind that the longer you take to repay your mortgage, the more interest is charged. Also, if you’re thinking about changing your mortgage term we may ask for confirmation of your income, particularly if the mortgage term extends past retirement age.

Alternatively, you may wish to reduce your term. Whilst this means your mortgage will end sooner, your monthly payments will increase so you’ll need to make sure it remains affordable.

You can reduce your term to a certain limit as part of an online product switch through your customer hub. If you’d like to reduce it further than allowed online or extend it, you’ll need to call us.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Change your term calculator

If you’ve got a date in mind that you’d like to have your mortgage paid off by, our helpful calculator will work out what your monthly payments will need to be.


Change your term calculator


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Speak to us

If you’re thinking about changing the length of your mortgage, you’ll need to speak to us. This is so we can take you through your options and ensure you meet our current lending criteria.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE