Change your mortgage repayment type
If you have an interest only mortgage – or part of it is interest only – you can change to a capital repayment mortgage. That means you'll start to pay off the capital you've borrowed as well as the interest. If you move your whole mortgage to capital repayment you will have paid it off in full by 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.
If you're a member of the British Armed Forces or critically ill, you can change your repayment type but not online. Please call us on 03457 30 20 11 Monday to Friday, 8am to 6pm. Closed Saturdays, Sundays and bank holidays.
What to expect when changing your repayment type
Changing your mortgage repayment type 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 your repayment type within ten working days. We do not charge for changing your mortgage repayment type.
Note:
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
Information:
Ways to apply
You can apply online, over the phone or in branch.
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Important:
Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.