You can apply to extend or reduce your mortgage term at any time, provided you meet certain eligibility criteria. We may carry out affordability assessments as part of your application, depending on whether you're applying to reduce or extend your term and your proposed retirement age.
You won't be able 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
- If the mortgage account you'd like to change was taken out before 31 October 2004 then it could be regulated by the Consumer Credit Act
- You have one of our Later Life mortgages. If you have any questions give us a call on 0800 30 20 10 or ask in your local branch