Cancelling your term extension

Things to consider before cancelling

Before you cancel

  • Understand your monthly payment will increase, as your balance will have reduced at a slower rate while making lower payments.
  • Understand your mortgage term will return to what it would have been without the term extension.
  • Understand you can only return to your original term under the Mortgage Charter once.
  • Understand this will only apply to your most recent term extension.
  • Completed your term extension within the last 6 months.
  • Make sure you are up to date with your payments and don’t have a Buy to Let mortgage.
  • Make sure you have consent from everyone named on your mortgage.

Understand the impact of cancelling your term extension

Enter your details into the calculator.

You’ll be able to find the information we need in online banking or the mobile app.

If you have multiple sub-accounts, you’ll need to enter their details individually and add the payment amounts together.

£
To work this out, start with your original mortgage term and take off the number of monthly payments you’ve made since the extension. For example, if your original mortgage term was 20 years and 6 months, and you’ve made 4 monthly payments since extending your term, the term left will be 20 years and 2 months.

Monthly +1

Monthly payment

Current monthly payment:

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New monthly payment:

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Monthly payment change:

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The figures shown are for illustrative purposes only.

Total amount payable

Current total amount payable:

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New total amount payable:

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Change to total amount payable:

##tpdiff##

 

The figures shown are for illustrative purposes only.

It's important to know if you complete an application to cancel your mortgage term extension, you’ll do so on a non-advised basis. This means we won’t assess if a term extension cancellation is right for you, and you won’t receive any advice or recommendations from us.

You won’t be protected by the Financial Conduct Authority’s rules that apply to customers who have taken advice.

Monthly payment

Total amount payable

Monthly payment

Current payment

Total amount payable

##cmp##

##tp##

Monthly payment

New payment

Total amount payable

##newcmp##

##newtp##

Monthly payment

Payment change

Total amount payable

##cmpdifffinal##

##tpdiff##

The figures shown are for illustrative purposes only.

It's important to know if you complete an application to cancel your mortgage term extension, you’ll do so on a non-advised basis. This means we won’t assess if a term extension cancellation is right for you, and you won’t receive any advice or recommendations from us.

You won’t be protected by the Financial Conduct Authority’s rules that apply to customers who’ve taken advice.

    • All years have 365 days.
    • Interest is calculated monthly.
    • All sub-accounts have been calculated individually.
    • The estimate of total amount payable is to the nearest pound.
    • Any interest rate changes haven’t been taken into account.
    • There are no other changes to your mortgage which would need a recalculation.

Ready to cancel your term extension

Let’s look at the details

  • You'll need to speak to us if you’ve extended your term more than once in the last 6 months and want to cancel multiple extensions.

    You’ll need to complete extra checks with a mortgage adviser if:

    • it’s been longer than 6 months since you extended your term
    • you want to cancel a term extension that includes any interest-only sub accounts
    • you want to adjust your term, but don’t want to put your mortgage term back to what it was before
    • you’ve extended your term alongside any extra borrowing or you changed from interest-only to a repayment mortgage.

    Get in touch

  • Your mortgage may be a combination of different repayment methods with different interest rates over different mortgage terms. If so, your mortgage will be split into multiple parts called sub accounts.

    The majority of our customers will have a sub account 01 which is their main mortgage and a sub account 99 which holds fees. Some customers may also have a sub account 98 if they have a mortgage account fee.

    Each sub account has a separate monthly payment that we total before collecting the full amount from you each month. When we receive your total monthly payment, we split it and give each sub account the amount it needs to ensure you repay your interest charges for that month.

    For repayment sub accounts, each month, your payments go towards reducing the amount you owe as well as paying off the interest. Remember, for interest-only sub accounts, the balance doesn't reduce as you're only paying back the interest and it's a requirement that you have a repayment plan in place. Find out more about the different ways of repaying your mortgage.

    If you pay more than your monthly payment, we'll put what you pay towards each sub account in the same proportions that we apply your full monthly payments to those sub accounts, unless you tell us otherwise. Learn more about sub accounts

     

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