Term change

You can make a request to change the term of your mortgage. This can be to either increase or decrease the repayment term and is usually completed by way of an advised appointment.

If you are switching your mortgage product, you can reduce your term at the same time providing it does not increase your monthly repayments. You can do this by choosing an Execution Only option, where you select your new mortgage without advice from us.

If you would like to extend your mortgage term, you can do so up to your planned retirement age if you are in receipt of pension income. We cannot provide term changes for lifetime tracker customers, and new mortgage terms must be longer than any fixed rate periods remaining. We do not allow term extensions for interest only mortgages.

If you are on an interest only mortgage, and you want to change to a fixed rate product, your mortgage term may be extended to cover the shortfall from interest only. Term amendments for interest only mortgages may also be permitted where it is required to match a repayment strategy maturity date.

The maximum term of a Platform mortgage is 40 years and the minimum term is 5 years at origination. When switching products to a new deal, there is no minimum term, however, the term of the mortgage cannot be shorter than the term of the new fixed rate deal.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE