Frequently asked questions

Changing your repayment method - FAQs

No, there is no fee payable for changing repayment method or changing mortgage term and there is no fee if you request to change your term and repayment method at the same time. Please check our Tariff of Charges for full details of our fees.

For more information about what documents you need to provide please read our Mortgage application proofs guide.

A capital repayment mortgage (also known as capital and interest or repayment) is the most common repayment method. Your monthly mortgage payment is made up of part of the amount borrowed plus interest every month. This means your mortgage will be repaid in full by the end of the term providing all payments are paid in full and on time.

An interest only mortgage means your monthly mortgage payment is only made up of the interest on the amount borrowed. At the end of your mortgage term you will need to pay back the amount you borrowed via a mortgage repayment plan (e.g. endowment policy, ISA, sale of property).

A part and part mortgage is a combination of capital repayment and interest only. Part of your mortgage is on capital repayment and will be paid off at the end of your mortgage term. The other part is made up of interest only and you’ll need to ensure you have a repayment strategy in place to repay the amount borrowed at the end of your mortgage term.

No, you can’t increase the interest only element of your mortgage. If your entire mortgage is on interest only you can convert to capital repayment or you can reduce the amount you have on interest only (part and part).

No. If your entire mortgage is on a capital repayment basis you cannot change the repayment method.

If you have a part and part mortgage you can’t increase the interest only amount, but you can request to reduce the interest only amount by converting that part to a capital repayment basis.

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

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