You can apply to change the repayment method of your mortgage online. This can be from interest only to capital repayment, or from capital repayment to interest only.
If you're changing your repayment method from interest only to capital repayment, you can also request to change your mortgage term.
If you're on an interest only mortgage, you can change to a capital repayment mortgage. This means you'll start to pay off the capital you borrowed as well as the interest. If you move your whole mortgage to capital repayment, you'll have paid it off in full by the end of the mortgage term.
Whatever you decide, you need to be sure you'll be able to keep up the new payments.
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 repayment method or term.
If you're on a capital repayment mortgage and want to change to interest only, you need to make sure this is the right decision and you understand the implications of doing this.
Before you apply, you can use our mortgage calculator to check what your monthly payments would be if you were to change your repayment method.
When applying to change your repayment method or term online, please make sure you're comfortable with the change. Deciding to make the change yourself means you're responsible for the option 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.
Use the links below to apply online to make changes to your repayment method. If you're applying to change your mortgage from interest only to capital repayment, you'll also have the opportunity 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 and there may be additional fees to pay if we need to reassess the value of your property for example.
Depending on your circumstances we may need to contact you to carry out an affordability check.
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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