Mortgage support
Worried about paying your mortgage? We have various ways that we can help you.
Everyday banking
Online services & more
Everyday banking
Everyday banking
Mobile Banking app
Profile & settings
Card & PIN services
Payments & transfers
Statements & transactions
Help & security
We're here for you
Help & security
Fraud & security
Help & security
Money management
Difficult times
Current accounts
Accounts & services
Current accounts
Current accounts
Travel services
Already bank with us?
Borrowing
Cards, loans & car finance
Borrowing
Borrowing
Already borrowing with us?
Mortgages
Accounts & calculators
Mortgages
Mortgages
Mortgage calculators & tools
Mortgages
Features & support
Already with us?
Worried about paying your mortgage? We have various ways that we can help you.
Savings
Accounts & ISAs
Savings accounts
Savings accounts
Already saving with us?
Existing customers
Investing
Pensions & investments
Investing
Investing
ETF Quicklist
Investing
Pensions and retirement
Wealth management
Guides and support
Already investing with us?
Insurance
Home, life & car
Insurance
View all insurance products
Insurance
Insurance
Car insurance
Other insurance
Business insurance
Van insurance
Landlord insurance
Already insured with us?
Existing home insurance customers
Existing life cover customers
Existing car insurance customers
Need a bit of time to get your budget back on track?
Switch to interest only payments for six months, with no impact on your credit score.
Your reduced monthly payment amount will be fixed
Your interest only payment amount will be fixed for six months - even if the Bank of England (BoE) base rate changes, or you apply to switch to a new mortgage deal during that time.
Usually, your interest only payments will be worked out using your current interest rate. However, if your rate’s due to change next month, we’ll use that rate instead.
Any other changes in interest rate will apply to your mortgage, but not your payments. Once your reduced payment period comes to an end, we’ll write to confirm your new increased monthly payment amount and total mortgage cost, including any interest added because of interest rate changes.
If you decide to cancel the payment arrangement before the six months comes to an end, you can let us know by completing our cancellation form.
Please remember, you can only apply once.
Here are some examples of how making interest only payments for six months can impact your monthly payments and the total amount payable.
Important: Your monthly payment and total mortgage cost will increase at the end of the reduced payment period to collect the amount you haven’t paid.
Current mortgage balance |
£100,000 |
£300,000 |
---|---|---|
Current mortgage balanceCurrent Interest rate |
£100,0005% |
£300,0005% |
Current mortgage balanceRemaining term |
£100,00015 years |
£300,00030 years |
Current mortgage balanceCurrent monthly payment |
£100,000£790.79 |
£300,000£1610.46 |
Current mortgage balanceTemporary interest only monthly payment |
£100,000£416.67 |
£300,000£1250.00 |
Current mortgage balanceTemporary reduction in monthly payment |
£100,000£374.13 |
£300,000£360.46 |
Current mortgage balanceNew monthly payment |
£100,000£809.15 |
£300,000£1622.28 |
Current mortgage balanceCurrent total mortgage cost |
£100,000£142,342.85 |
£300,000£579,767.35 |
Current mortgage balanceNew total mortgage cost |
£100,000£143,291.63 |
£300,000£581,788.15 |
|
|
---|---|
Current mortgage balance |
£100,000 |
Current Interest rate |
5% |
Remaining term |
15 years |
Current monthly payment |
£790.79 |
Temporary interest only monthly payment |
£416.67 |
Temporary reduction in monthly payment |
£374.13 |
New monthly payment |
£809.15 |
Current total mortgage cost |
£142,342.85 |
New total mortgage cost |
£143,291.63 |
|
|
---|---|
Current mortgage balance |
£300,000 |
Current Interest rate |
5% |
Remaining term |
30 years |
Current monthly payment |
£1610.46 |
Temporary interest only monthly payment |
£1250.00 |
Temporary reduction in monthly payment |
£360.46 |
New monthly payment |
£1622.28 |
Current total mortgage cost |
£579,767.35 |
New total mortgage cost |
£581,788.15 |
These examples are for illustrative purposes only and assume there are no other changes to the mortgage over the remaining term.
Use our calculator to see you how much your new payments could be, and the impact making interest only payments for six months will have on your mortgage.
After you've used our interest only payment calculator, you can use our online form to apply.
We’ve got other options available that could help you stay on top of your mortgage payments.
We're here to help you figure this out. The sooner you get in touch to let us know, the more options you’ll have.