Change your mortgage repayment type
If you have an Interest Only, Part & Part or Repayment mortgage, you may be able to change your repayment type.
Moving to a Repayment mortgage means you'll pay off the capital as well as the interest. Moving to Interest Only means you'll pay only the interest, so you'll need a plan to have a mortgage repayment plan in place to repay the balance at the end of the term.
Being eligible to change your repayment type
You can’t apply if:
- You want to apply to change from capital repayment to interest only.
- The property is currently being let.
- Your mortgage was regulated by the Consumer Credit Act at the time it was taken out.
- There's a guarantor on the mortgage.
- You or anyone else on the mortgage have been declared bankrupt and have not been discharged.
Information:
Change from an Interest Only to Repayment mortgage
Changing your mortgage to capital repayment can have a big impact on your financial situation. You need to be sure you'll be able to keep up the higher monthly payments.
When you apply, we’ll do some affordability checks to make sure we’re happy that it won’t put too much strain on your finances.
We’ll let you know the outcome of the checks either way. If we accept your application, we’ll then change your repayment type within 10 working days.
We do not charge to change your repayment type.
Change from a Repayment to Interest Only mortgage
If you’d like to change from a Repayment to an Interest Only mortgage, explore our Interest Only options for existing customers page.
Note:
If you’re concerned about paying your mortgage, we’re here to help. Call us on 0800 464 30 30 (Monday to Friday, 8am to 6pm, Saturdays 9am to 12pm, Closed Sundays and bank holidays) to discuss your options or visit our challenging times page.
How to apply
We’ll need to speak with you first before you apply.
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Important information about mortgages:
Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.