Interest only mortgage

Yes, you could switch your interest only mortgage to a repayment mortgage (also known as a capital repayment mortgage) if this is suitable for you and you meet our criteria.

You can contact us directly to find out more.

No, we will not charge you a fee to do this, although you will see an increase in your monthly mortgage payments.

You could switch to an interest only mortgage from a repayment mortgage but there are some considerations. It will depend on whether you meet our mortgage criteria and also have a repayment plan in place to ensure you can settle the mortgage loan at the end of the term.

You can contact us to find out more about this option.

We do provide mortgages with combined repayment methods. Any customer looking to convert some of their mortgage borrowing to interest only repayment first needs to check they meet the interest only mortgage qualifying criteria.

Existing interest only customers can contact one of our mortgage experts using the details at the bottom of this page. We recommend getting in touch to discuss your options if you've been struggling to pay off your repayment mortgage.

There are ways to get back on track if you find yourself falling behind on your repayment plan. You could potentially increase your monthly payments to lower the remaining capital owed, use savings to pay off the capital or change your plan to a repayment mortgage (either the whole mortgage or just part of it).

These options are dependent on your financial situation, however. As an example, it will depend on how long there is left to run on your mortgage term and whether or not you have any investment funds or savings available to use.

As house prices have fallen in recent years, we recommend that you don’t assume your property will have risen in value over the duration of your mortgage.

Regularly monitor whether or not you’re on target to repay your capital by the end of the agreement. For anyone worried they’ve fallen behind you can seek free financial advice from the Money Advice Service

It is possible, but would be dependent on your financial circumstances. Contact us if this is something that you would like to investigate further.

We’ve set up a friendly UK-based team that you can contact to discuss your financial worries. Whether you’re concerned your repayment plan is unrealistic, or if you don’t yet have a repayment plan set up then we’re here to help and ensure you fully understand your commitments.

We’ll listen to you and walk you through the options available to help. You don’t have to have missed a payment to benefit from discussing your worries

Any concerns are easier to resolve the earlier you let us know. That’s why you don’t have to have missed a payment to seek advice from us. We’ll always listen to your situation and talk you through your options.

For those struggling to pay off a repayment mortgage, we’ve got free advice that could help.

Specialist independent Financial Advisers are also available or the government’s Money Advice Service is a great free alternative resource.