You can reduce or extend your mortgage term at any time.
Changing your mortgage term can have a big impact on your financial situation, so it’s important to understand what will happen before you apply.
If you want to reduce your term on a capital repayment mortgage
If you'd like to pay more towards your mortgage but not commit to a shorter term, you may be able to make overpayments instead. You can check your mortgage offer for details of how much you can overpay.
If you want to extend your term on a capital repayment mortgage
You should remember that you can only extend your mortgage term up to your retirement age, or if you have a Later Life mortgage, to the maximum age of 90 for the oldest borrower.
Before you apply you can use our mortgage calculator to check what your monthly payments would be if you were to change your mortgage term.
If you want to reduce your term on an interest only mortgage
If you want to extend your term on an interest only mortgage
When applying to change your mortgage term online, please make sure you're comfortable with the change. Deciding to make the change yourself means you're responsible for the mortgage term you choose and the service you've received is without advice.
If you don't want to make your own decision and would like advice, we've partnered with Mortgage Advice Bureau. If you’d like to speak with an advisor, call 0808 501 2740 or request a call back using the button below.
There may be a cost to mortgage advice. The amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. Your adviser will talk you through any costs involved with the advice that will be provided.
If you're happy to proceed without advice, use the link below to apply online to change your mortgage term. When we receive your application, we'll process your request. There's a £50 charge to make a permanent change to your mortgage.
Depending on your circumstances, we may need to contact you to carry out an affordability check. This depends on whether you're reducing or extending your term and your planned retirement age.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Mortgage Advice Bureau
Marsden Building Society is an introducer to Mortgage Advice Bureau for mortgage advice and protection.
Mortgage Advice Bureau is a trading name of Farrell Heyworth Mortgages & Protection Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
Farrell Heyworth Mortgages & Protection Limited. Registered Office: The Pavilion, Church Street, Covell Cross Lancaster LA1 1EX Registered in England Number: 6264361
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