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 three months 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 most recent mortgage deal was taken out prior to 31 October 2004, as this will be regulated by the Consumer Credit Act