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.

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.

Extended by
Total term including extension
Revised repayments (monthly)
Revised total amount payable
Additional amount payable
Extended by 3 years
Total term including extension 23 years
Revised repayments (monthly) £1,555
Revised total amount payable £429,097
Additional amount payable £35,041
Extended by 5 years
Total term including extension 25 years
Revised repayments (monthly) £1,511
Revised total amount payable £453,198
Additional amount payable £59,142
Extended by 10 years
Total term including extension 30 years
Revised repayments (monthly) £1,433
Revised total amount payable £515,815
Additional amount payable £121,759
Extended by 15 years
Total term including extension 35 years
Revised repayments (monthly) £1,384
Revised total amount payable £581,427
Additional amount payable £187,371
Extended by 20 years
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.

Extended by
Total term including extension
Revised repayments (monthly)
Revised total amount payable
Additional amount payable
Extended by 3 years
Total term including extension 23 years
Revised repayments (monthly) £515
Revised total amount payable £142,118
Additional amount payable £5,990
Extended by 5 years
Total term including extension 25 years
Revised repayments (monthly) £487
Revised total amount payable £146,196
Additional amount payable £10,068
Extended by 10 years
Total term including extension 30 years
Revised repayments (monthly) £435
Revised total amount payable £156,676
Additional amount payable £20,548
Extended by 15 years
Total term including extension 35 years
Revised repayments (monthly) £399
Revised total amount payable £167,555
Additional amount payable £31,427
Extended by 20 years
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 as part of the Mortgage Charter

To continue, confirm that you:

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

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

Request a callback to arrange a mortgage advice appointment

If you would like a telephone appointment for mortgage advice, please submit a request for a call back. Our team will contact you to arrange an appointment.

If your mortgage falls into one of the below categories, please do not submit this form, and instead call us on 08000 288 288 call charges to discuss your options:

  • Shared Ownership/Shared Equity
  • Help-to-Buy
  • Buy-to-Let
  • The mortgaged property is not your main residence
  • You have mortgage and/or ground rent/service charge arrears
  • Your mortgage balance includes a debt recovery cost
  • The mortgaged property is located in Guernsey.

Get in touch with us

If you are struggling, please get in touch with us to see how we can help by calling:

Co-operative Bank mortgage holders – 08000 288 288

Platform & Mortgage Agency Services mortgage holders – 0333 321 5965

Call charges

Your home may be repossessed if you do not keep up repayments on your mortgage.

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