If you’re looking to amend your mortgage term, there’s a few things you need to know first. Here are some of your most frequently asked questions about mortgage term extensions.

Do I have to take financial advice?

  • You must take financial advice if you’re already in retirement, or if the new mortgage term takes you into retirement. A financial advisor will be able to talk you through your options in detail and apply on your behalf
  • If you don’t have a financial advisor, Unbiased is a good place to start your search
  • If you’ll still be employed for the remainder of the mortgage term, you might not need financial advice. We may insist on financial advice depending on your circumstances.
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Do I need a solicitor?

  • We’ll only need solicitors to be involved if any further checks are required regarding the land of the property
  • We’ll instruct our solicitors to act on our behalf at no additional cost to you. Our solicitors will carry out the checks and will need to be satisfied with all matters relating to the property.

Will I have to pay any fees?

  • You’ll need to pay our administration costs of extending the mortgage term if this is agreed. You can find those fees in our Tariff of Charges document
  • We’ll need a valuation of your property if your repayment strategy is the sale of your property. You may need to pay a fee for this depending on the property purchase price/value
  • If the property value is below £1m the valuation is free, if it’s over £1m a fee will apply
  • If you need to take financial advice, you may need to pay your financial advisor for the cost of providing the advice
  • Please see our tariff of fees and charges below.

How long does the process take?

  • Once we receive the application form, it takes around two months to extend the mortgage term. This depends on how quickly we receive an updated valuation of your property if one is required.
  • We may also ask your financial advisor for information so we can assess your ability to repay the loan based on the new term.
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Application form

You or your financial advisor will need to send us a completed application form to [email protected]

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Tariff of fees and charges

This is for Residential, Holiday Buy To Tet and Retirement mortgages.

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