Changing your mortgage term

If you want to reduce your term

• If you reduce your mortgage term, you'll pay off the loan faster by increasing the amount you pay each month.
• Because you'll be paying the mortgage back over a shorter period of time, there's less time for interest to build up, so you'll pay less interest overall.
• You'll need to be sure you can keep up the higher payments.

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, or if it's easier, call us on 01282 440500 with your mortgage account number to hand.

If you want to extend your term

• Extending the term of your mortgage means you'll pay less each month, but over a longer period of time.
• Because you'll be paying off your mortgage for longer, you'll pay more interest and end up paying more overall.

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.

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