We know that money can feel tight right now. If rising costs are making your mortgage hard to pay, as part of the Mortgage Charter, we are here to help.
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Before you choose support
If you’re able to switch to a new mortgage deal, think about when you’d like the support to start. You can:
- Start support when your new rate begins, or
- Start support before you switch
Your Mortgage Charter options
You can choose one option under the Charter. You won’t need an affordability check, and your credit score won’t be affected.
Extend your mortgage term
You can choose to lower your monthly repayment by paying your mortgage over a longer time.
- You can change your mind within 6 months and go back to your original term.
- If you change back to your original mortgage term, your monthly payments will increase again.
- Over the life of your mortgage, you’ll pay more interest.
Representative examples
These examples show how the support options could change payments for a customer with:
- A £179,000 mortgage
- 23 years remaining
- A rate of 5.14%
- Current monthly repayment £1,107
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These figures are only an example and not based on your own mortgage. Your actual payments will depend on the amount of your mortgage, the remaining term and the rate applicable during the time of your fixed or variable rate and the rate when that ends. These options can help if money is tight, but they will cost more in total — so think about them carefully before using them.
Interest-only example
You only pay the interest for 6 months, so the amount you owe doesn’t go down
- New monthly repayment (for 6 months): £767
- Payments are £340 less each month
- After 6 months, payments go up to £1120 (£13 more than before)
- You pay £1,444 more in interest over the whole mortgage
Term extension example
You extend the mortgage term from 23 years to 35 years and then switch it back after 6 month:
- New monthly repayment (for 6 months): £919
- Payments drop by £188 a month
- After 6 months, payments go up to £1,114 (£7 more than before)
- You pay £796 more in interest over the whole mortgage
If you kept your mortgage term at 35 years and did not switch back after 6 months
If you were to permanently extend the term by 12 years and 0 months then it would cost £80,637 more in interest over the whole mortgage.
If you think you might miss a payment
Please tell us as soon as you can. We’ll explain your options and help you understand what to do next.
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Worried about money?
We have tools, guides and tips to help you understand your money and plan ahead.
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Additional support for our mortgage customers
If you’re worried about your payments, please contact us as soon as you can. Getting in touch early won’t affect your credit file. We have highly trained staff to provide you with personalised support if you are struggling financially.
If the Mortgage Charter options aren’t right for you, or you’re not eligible, we may still be able to help. Support could include:
More help with your mortgage
Need help? Speak to our mortgage team
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