If you have a repayment mortgage and need either a reduced payment for a period of time or want to repay your arrears faster, you may be able to temporarily switch to making interest only payments.
Extend your mortgage term
We may be able to extend your mortgage term if you have a repayment mortgage and need longer than the existing term to pay back the balance or outstanding arrears.
Overpayment arrangement
Once your finances are back on track, we may be able to agree an overpayment arrangement to help you repay any outstanding arrears. The amount we agree will be based on your individual circumstances and how much you can afford to pay.
Accepting reduced payments
If you’re unable to meet all or part of your mortgage payment, we might be able to accept a lower or even no payment for a period of time.
Payment Holidays
If you need a short break from making your payments, you may be able to take a payment holiday. A payment holiday allows you to stop making your monthly payments for up to three months. Check if you’re eligible You may be able to apply for a payment holiday if:
Selling your property
If you plan to sell your property to pay off your interest only mortgage, you’ll need to think about where you’re going to live. You’ll need to make sure that you have enough equity in your property to make your plan work. If you’re planning to sell your property, our dedicated team can help you …
Switching to a new lender
You might be able to get a cheaper mortgage with a new lender which could help make paying back your interest only mortgage more affordable. If you haven’t missed any payments in the last year, your account is up to date and you don’t need to borrow more money, you may be able to switch …
Savings or Investments
If you have an endowment policy, shares, Individual Savings Account (ISA) or other investment plan that you were saving for a rainy day, you might want to consider using this to reduce or pay off your mortgage.