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Cancelling your term extension
Extended your mortgage term in the last six months?
Under the Mortgage Charter, you can return to your original term without an affordability check.
Before you cancel, make sure you:
- 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’ve 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 six months
- are up to date with your payments and don’t have a Buy to Let mortgage
- have consent from everyone named on your mortgage.
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 six months, and you’ve made four monthly payments since extending your term, the term left will be 20 years and two months.
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We use these assumptions in our calculator:
- 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.
You'll need to speak to us if:
- you’ve extended your term more than once in the last six months and want to cancel multiple extensions.
You’ll need to complete additional checks with a Mortgage Adviser if:
- it’s been longer than six months since you extended your term
- you want to cancel a term extension that includes any interest only sub-accountsIf 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.?
- 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 additional borrowing, or you changed from interest only to a repayment mortgage.
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