Request a change of mortgage term

You can apply to amend your mortgage term at any time, each change will require the lender to carry out their normal affordability checks.

 

Being eligible for a mortgage term change

You cannot apply to change your mortgage term if:

• The property is currently being let;
• Any part of your mortgage is interest-only;
• You're more than one month in arrears with your mortgage payments;
• You or anyone else on the mortgage has been declared bankrupt and has not yet been discharged;
• There's a guarantor on the mortgage;
• The Consumer Credit Act regulated your mortgage at the time it was taken out;
• You want a mortgage term that is longer than 40 years;
• The term is extended past the 75th birthday of the oldest borrower; or
• You occupy a leasehold property in England or Wales (special rules apply).

 

What to expect when extending your mortgage term

Extending your mortgage term will make your monthly repayments lower. But it will ultimately increase the total amount of interest paid by the time the mortgage is paid off. 

 

Reducing your mortgage term

You can apply to your lender to reduce the term. However, this may cause future hardship should your circumstances change, a more flexible option is to simply overpay if funds allow.

 

Overpaying

Overpaying your mortgage, even by a small amount can make a significant difference as interest is calculated on the outstanding balance. Most lenders will allow you to do this. However, some may charge you a fee depending on how much extra you want to pay. 

 

How we can help

Mortgage lenders are usually very approachable, however, if you do encounter any issues then Lestons have specialist staff to liaise with them to try and remedy the situation. Bank and building society staff are usually well trained in all such matters. To gain our assistance you need to open a case, this is done by taking advantage of our free consultation service, activated by the link at the top of the page, should you wish to start a case the caseworker will send you the suitable payment link. Please note your caseworker is not legally trained and can only give generic advice, their role is to prepare your details for handling by our trainee and qualified solicitors and, if required one of our third-party financial consultants to act as your point of contact, they will also issue you with your Password and PIN, these will be needed to log onto your client dashboard. From your dashboard you will be able to manage and view every aspect of your case, send us scans of documents etc