Change your mortgage term

You can make a request to change the term of your mortgage. This can be to either increase or decrease the repayment term.

Extending your mortgage term means you will take your existing mortgage debt and repay it over a longer period, which reduces the amount you will repay each month.

This is available for customers who are up to date with their payments.

Please be aware that by requesting this change it will increase the cost of your mortgage in the long-run.

Affordability

As part of the Mortgage Charter the need to complete affordability checks has been removed.

What happens after 6 months?

If you decide, before the expiry of the first 6 months following the extension of your mortgage term, that you wish to stay on your new agreed term, then you don't need to do anything.

If you decide to revert back to your original term or reduce your amended term within the first 6 months of the new agreement, this will not require an affordability assessment.

However, if after 6 months you then decide you want to revert back to your original term, an application will need to be made and this will be subject to an affordability assessment.

Work out your repayments

To work out what your repayments could look like by extending your mortgage term, please use our handy Repayment calculator.

You just need:

your property price (current property value)
your deposit amount (your current property value price minus your current mortgage amount). For example, take your property value of £150,000 minus your outstanding mortgage balance of £60,000, your deposit amount is £90,000
your current interest rate
your remaining mortgage term - When adding your mortgage term always round down. For example, if your term is 11 years and 9 months, add 11 years. This will over-estimate your monthly cost but helps with what you need to budget for in the future. This is better than under-estimating and not having the funds to make your repayments.

Extending your mortgage term will make your mortgage more expensive in the long-run. But by exactly how much will depend on a number of factors.

Your latest annual mortgage statement will be able to provide your outstanding balance, interest rate and remaining term, if you require a more up to date balance please contact us.

Repayment calculator

What could my repayments look like?

We've created a useful table below which shows what your repayments could be if you extended your mortgage term. If you would like to have a more detailed calculation specific to you, please contact us.

Example based on a balance of £200,000, interest rate of 7.75%, 20 year term, with a monthly payment of £1641.90 and a total amount payable of £394,056.

Total term including extension 23 years

Revised repayments (monthly) £1,555

Revised total amount payable £429,097

Additional amount payable £35,041

Total term including extension 25 years

Revised repayments (monthly) £1,511

Revised total amount payable £453,198

Additional amount payable £59,142

Total term including extension 30 years

Revised repayments (monthly) £1,433

Revised total amount payable £515,815

Additional amount payable £121,759

Total term including extension 35 years

Revised repayments (monthly) £1,384

Revised total amount payable £581,427

Additional amount payable £187,371

Total term including extension 40 years

Revised repayments (monthly) £1,353

Revised total amount payable £649,555

Additional amount payable £255,499

Example based on a balance of £100,000, interest rate of 3.25%, 20 year term, with a monthly payment of £567 and a total amount payable of £136,128.

Total term including extension 23 years

Revised repayments (monthly) £515

Revised total amount payable £142,118

Additional amount payable £5,990

Total term including extension 25 years

Revised repayments (monthly) £487

Revised total amount payable £146,196

Additional amount payable £10,068

Total term including extension 30 years

Revised repayments (monthly) £435

Revised total amount payable £156,676

Additional amount payable £20,548

Total term including extension 35 years

Revised repayments (monthly) £399

Revised total amount payable £167,555

Additional amount payable £31,427

Total term including extension 40 years

Revised repayments (monthly) £373

Revised total amount payable £178,819

Additional amount payable £42,691

Eligibility criteria

To be eligible for extending your mortgage term you must confirm that:

you are on a residential mortgage
if you're letting out your property, this has been authorised by the Bank
you are currently on a repayment basis, either in part or full
you are not in arrears
you are not currently going through a product switch or variation including borrowing additional funds, changing your product, term or adding/removing another person to the mortgage (if you are please contact us so we can discuss further)
you haven't previously been successful in applying for a term extension as part of the Government's Mortgage Charter support scheme (if you already have a mortgage charter term extension and would like to amend this please contact us directly)
your term extension request doesn't exceed the maximum term of 40 years or exceed retirement age.

Apply to extend your mortgage term

To continue, confirm that you:

Confirm if the statement is true. If you cannot confirm this, please close the application.

I confirm that I have calculated my new monthly repayments and read the pre-application eligibility and information regarding extending my mortgage term.

Please be aware that by requesting this change it will increase the cost of your mortgage in the long-run. Any request will be completed as execution only. This means it will be your decision and not something the Bank has recommended to you.

Open application form