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. What are sub-accounts?

If you’ve made any changes to your mortgage, it could be a mix of different interest rates, terms, and balances. These are known as sub-accounts. Each sub-account has its own individual monthly payment, which we add together to make up your total monthly mortgage payment. You’ll be able to find out if you have sub-accounts in Internet Banking or our mobile app .

£
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:

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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

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##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.

Do you need to contact us?

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.

If you’ve made any changes to your mortgage, it could be a mix of different interest rates, terms, and balances. These are known as sub-accounts. Each sub-account has its own individual monthly payment, which we add together to make up your total monthly mortgage payment. You’ll be able to find out if you have sub-accounts in Internet Banking or our mobile app.

Get in touch

Ready to cancel your term extension

You could lose your home if you don’t keep up your mortgage repayments

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Already have a mortgage with us? You may be able to borrow more to make home improvements or buy something special. Or you could save money by switching to a new deal. Learn more about what you can do with your mortgage.

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Do more with your mortgage

Already have a mortgage with us? You may be able to borrow more to make home improvements or buy something special. Or you could save money by switching to a new deal. Learn more about what you can do with your mortgage.

Existing customers