Things you should know before reducing or extending your mortgage term

Reducing your term

If you reduce your mortgage term, you'll pay off the loan quicker by increasing the amount you pay each month.

And, because you'll be paying it back over a shorter period of time, there's less time for interest to build up. So you'll pay less overall.

While being mortgage-free sooner might sound good, you need to be sure you'll be able to keep up the higher monthly payments.

We might need to do affordability checks before you can reduce your term. But there are no affordability checks if you extended your term less than 6 months ago and now want to reduce it back down.

Extending your term

Extending the term of your mortgage means you'll pay less each month, but over a longer period of time.

Because you'll be paying off your mortgage for longer, you'll pay more interest and so end up paying more overall.

You should also bear in mind that you can only extend your mortgage up to your 75th birthday or until you retire (whichever is sooner).

We might need to do affordability checks, depending on your planned retirement age.

If you only need to reduce your payments temporarily, you can change back to your original term within 6 months without an affordability check or affecting your credit file.


If you’re concerned about paying your mortgage, we’re here to help. Call us on 0800 464 30 30 (Monday to Friday, 9am to 5pm. Closed Saturdays, Sundays and bank holidays) to discuss your options or visit our challenging times page.

Repayment calculator

Our mortgage repayment calculator will help you see how reducing or extending your mortgage term could affect how much you pay each month.

Apply to change your mortgage term

Once we receive your application, we'll change your term within 10 working days. There's no charge.



Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage.
Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.