Overview

Frequently asked questions

Changing your mortgage term - FAQs

If you're reducing your term

If you're applying to reduce the term of your mortgage on an execution only basis (without advice), we'll check: 

  • you can afford to reduce your mortgage term
  • you're eligibility, and 
  • we’ll check your documents.

If you're extending your term

  • If you're applying on an execution only basis (without advice) and the term finishes before any borrower’s retirement age, we’ll check that you’re eligible to extend your term but we won’t need to carry out any affordability assessments. 
  • If you're getting advice from us, we’ll carry out a full affordability assessment to make sure we've recommend the right term for you.
  • If you're applying to extend your term and you’re currently retired, or the extension means you’ll be retired at the end of your term, we'll carry out a full affordability assessment to make sure you can afford the repayments.  

When making an application to change your term you'll need to provide proof of your income, if you're: 

  • currently employed we'll need to see your most recent payslip and your P60, if you’ve received any bonuses that need to be taken into account.
  • self-employed, we'll need to see your SA302's for the last 2 years (a summary of the income reported to the HMRC).  
  • currently unemployed, we’ll accept a letter from the HMRC or the Department for Work and Pensions (DWP).
  • employed but currently on maternity leave, we'll need to see a letter from your employer showing when you're returning to work.

No. There is no fee for changing your mortgage term.

If you choose to extend the term of your mortgage, your monthly payments may get smaller but you'll pay more interest over the term of your mortgage.

If you choose to reduce the term of your mortgage, your monthly payments may increase but you'll pay less interest over the term of your mortgage.

You can set the preference on your mortgage to reduce your term when you overpay by £500 or more (capital repayment mortgages only).

If you'd like to reduce your term, please let us know when you make your overpayment or change your preferences online.

It'll take up to 10 working days for the change to take place from the date of your interview or from when we receive the completed pack.

Call us on 0800 464 30 30 to discuss your options, or see our dealing with difficulties page.