If you’re struggling to pay your mortgage or worried you might struggle in the future, we’ll work hard to support you.
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.
As part of the Mortgage Charter the need to complete affordability checks has been removed.
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.
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.
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.
To be eligible for extending your mortgage term you must confirm that:
If you are struggling, please get in touch with us to see how we can help by calling:
Co-operative Bank and Britannia mortgage holders – 08000 288 288
Platform, Mortgage Agency Services or Verso mortgage holders – 01752 236 243
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