How it works

You can apply to extend or reduce your mortgage term at any time, provided you meet certain eligibility criteria. We may carry out affordability assessments as part of your application, depending on whether you're applying to reduce or extend your term and your proposed retirement age.

You won't be able to change your mortgage term if:

  • The property is currently being let
  • Any part of your mortgage is interest only
  • You're more than 3 months in arrears with your mortgage payments
  • You or another named on the mortgage has been declared bankrupt and has not been discharged
  • There's a guarantor on the mortgage
  • Your most recent mortgage deal was taken out prior to 31st October 2004, as this will be regulated by the Consumer Credit Act

If you're facing financial difficulties, it's easier for us to help you if you call 0800 464 30 30.

Please call us on 0800 30 20 11 if you:

  • are critically ill, or
  • a member of the armed forces

Bear in mind

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.

How do I apply?

First, you need to decide whether you’d like advice from us on changing your term.

Applying with advice

Call us on 0800 30 20 11 or visit us in branch.

One of our Mortgage Consultants will talk you through your options and send out an application form, which you’ll need to return to us by post.

Applying without advice

You can now apply to change your mortgage term online.

If you’re planning on changing your repayment method as well, you can apply to do this at the same time.

Once we've received your completed application, we'll change your mortgage term within 10 working days. It doesn't cost you a penny but you may incur charges if you make any other changes to your mortgage – see our tariff of charges.

Frequently asked questions

If you're reducing your term

If you're applying to reduce the term of your mortgage without advice, we'll check:

  • You can afford to reduce your mortgage term
  • Your eligibility
  • Any relevant documents, such as proof of income

If you're extending your term

  • If you're applying 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 recommended 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.

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.

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

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If you need to speak to a member of staff, pop into any branch. Use our branch finder to find your nearest location.

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