Change your mortgage term
You can apply to extend or reduce your mortgage term at any time.
We may carry out affordability checks as part of your application. This will depend on whether you're applying to reduce or extend your term and your proposed retirement age.
Being eligible for a mortgage term change
You can't apply to change your mortgage term if:
- The property is currently being let.
- Any part of your mortgage is interest-only.
- You're more than one month in arrears with your mortgage payments.
- You or anyone else on the mortgage has been declared bankrupt and has not been discharged.
- There's a guarantor on the mortgage.
- Your mortgage was regulated by the Consumer Credit Act at the time it was taken out.
- You want a mortgage term that is longer than 40 years.
- The term is extended past the 75th birthday of the oldest borrower.
- You have a leasehold property in England or Wales and don’t have at least:
- 55 years remaining on your lease from the date of extending your term.
- 30 years remaining on the lease at the end of the extended term.
- You have a leasehold property in Scotland or Northern Ireland and don’t have at least 50 years remaining on the lease at the end of the extended term.
- You have one of our later life mortgages. If you have any questions call us on: 03457 30 20 11 (Monday to Friday, 9am to 5pm. Closed Saturdays, Sundays and bank holidays).
What to expect when changing your mortgage term
Extending your mortgage term will make your monthly repayments lower. But it’ll also increase the amount of interest you have to repay overall.
Reducing your mortgage term will make your monthly repayments higher. But the overall amount of interest you’ll have to repay will be less.
If you’ve borrowed more, that account can’t have a longer term than your main mortgage. If you wish to have a longer term, you’ll need to extend your main mortgage account term.
Changing your mortgage term can have a big impact on your financial situation, so it's really important that you understand your options.
Once we receive the completed application, we'll change the term within ten working days. We do not charge for changing your mortgage term.
To find out your total amount payable, please call us on: 0800 545 3034 (Monday to Friday, 8am to 8pm. Saturday 9am to 5pm. Closed Sundays and bank holidays).
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
Ways to apply
You can apply online, over the phone or in branch.
Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.