Mortgage support

• There’s no fee for doing this.
• Your monthly payment will go down for 6 months.
• After 6 months, your mortgage loan or loans will automatically go back to repayment (capital and interest).
• You’ll pay more interest over the term of your mortgage.
• We won't advise if it’s suitable for you or check if you can afford it.
• We won’t do a credit search, so it won’t show on your credit file. However, if you miss a payment or we agree a payment arrangement during the 6 months, we may share that information with the credit reference agencies.
• You cannot increase your mortgage term under the Charter if you choose to switch to interest only for 6 months.
• You may see updates in Mobile and Online Banking, your annual mortgage statement or other letters about paying back the capital at the end of the mortgage term. Please ignore this as it doesn’t apply to your temporary switch to interest only.
• You can request a new mortgage deal while your Charter switch to interest only is active. To do this, you need to call us on 0800 092 3881.
• You can also make overpayments while your Charter switch to interest only is active.
• You won't be able to make any other changes to your mortgage such as borrow more money while your Charter switch to interest only is active.

With a repayment mortgage, you pay back the money you borrowed (capital) and the interest by the end of the mortgage term.

With an interest only mortgage you only pay the interest, so the monthly payments are lower. But the amount you owe isn’t paid off over the mortgage term.

If you switch to interest only, your monthly payment will go down for 6 months. When you go back to repayment, it will be higher than it was before, as you won’t have paid back any capital for 6 months. You’ll pay more interest over the term of your mortgage.

Here’s an example based on a £150,000 mortgage at a 6.00% interest rate with 15 years until the mortgage ends.

Work out how this could affect your mortgage with our changes to my mortgage calculator

Yes. You have a 14-day cooling-off period to cancel your request from the date on the letter confirming the switch to interest only and your new monthly payments. As long as your contractual monthly payment stays the same as before you switched to interest only, we’ll put your mortgage back to how it was. You won't pay extra interest.

If your next payment is lower than your contractual monthly payment, and you decide not to pay the extra amount, you’ll pay more interest over the rest of the mortgage term. 

You can ask for one more Mortgage Charter change in the future if you cancel during the cooling-off period.

We’ll send you a letter confirming your request has been cancelled. This will arrive within 7 to 10 days.

After the cooling-off period, you can still cancel and go back to repayment during the 6-month period without an affordability check or credit search. 

To cancel your request, please call us on 0800 783 9738.

After you’ve made your 5th monthly payment on interest only, we’ll send you:

• an email (if we have your email address) the next day reminding you that your Mortgage Charter change is ending soon, and
• a letter confirming when you’ll make your final 6th interest only payment and the date your payment will switch back to repayment.

After you’ve made your final 6th interest only payment, you’ll get another letter before your payment increases with your new monthly payments.

If you’re worried about your monthly payment going up when your Mortgage Charter change ends, visit our cost of living support page for more help.
 

• There’s no fee for doing this.
• Your monthly payment will go down.
• After 6 months, your mortgage loan(s) won’t automatically go back to the original term.
• You’ll pay more interest over the term of your mortgage.
• We won't advise if it’s suitable for you or check if you can afford it.
• We won’t do a credit search, so it won’t show on your credit file. However, if you miss a payment or we agree a payment arrangement during the first 6 months, we may share that information with the credit reference agencies.
• You cannot switch to interest only for 6 months under the Charter if you choose to increase your mortgage term.
• You can request a new mortgage deal after your Charter term increase has started as long as you don't want to go back to your original term within the first 6 months. To do this, you need to call us on 0800 092 3881.
• You can also make overpayments while your Charter term increase is active.
• You won’t be able to make other changes to your mortgage such as borrow more money during the first 6 months. This is because you may decide to cancel your term increase and go back to your original term.
• During the first 6 months, if you decide to go back to your original mortgage term, there’s no affordability check or credit search, so it won’t show on your credit file. Please call us on 0800 783 9738 if you decide to do this.

Your monthly payment would go down as you’d be paying your mortgage back over a longer term. You’d pay more interest over the term of your mortgage.

Here’s an example based on a £150,000 repayment mortgage at a 6.00% interest rate with 15 years until the mortgage ends. This assumes you don’t go back to your original term.

During the first 6 months, you can go back to your original mortgage term without an affordability check or credit search, so it won’t show on your credit file. Your monthly payment would be higher than it was before you increased the term. Please call us on 0800 783 9738 if you decide to do this.

If you decide to go back to your original term after 6 months, we’ll do an affordability check and credit search, so it’ll show on your credit file. If we agree your request, your monthly payment would be higher than it was before you increased the term

Work out how this could affect your mortgage with our changes to my existing mortgage calculator

If you want to keep your increased mortgage term, you don’t need to do anything.

After the 6th monthly payment, we’ll send you a letter reminding you that you can go back to your original term without an affordability check or credit search, so it won’t show on your credit file. Your monthly payment would be higher than it was before you increased the term. If you want to do this, please call us on 0800 783 9738 before your 7th payment date.

You can still ask to go back to your original term after this. As it would no longer be a Mortgage Charter request, we’d check if you could afford the monthly payments and do a credit search, which would show on your credit file. We may not be able to agree your request.

If you’re worried about making your monthly payment, visit our cost of living support page for more help. 
 

• If you’re on a fixed rate deal that ends in more than 4 months’ time, you’ll need to pay the early repayment charge (ERC) to leave your current deal early.
• There’s no ERC to pay if you’re on a fixed rate deal that ends in about 4 months or our Standard Variable Rate, Follow-on Rate or a tracker rate. 
• For more information, visit our change your mortgage page.
   

• You’ll find My Home Manager in our Mobile Banking app. Look in ‘More options’ or the top-right menu.
• You can compare mobile, broadband and TV deals and find out what you can do to improve your home’s energy efficiency.

If your mortgage is in arrears by any amount, we’re here to help. We'll work with you to discuss and agree the best solution for your situation. This might include an arrangement to pay over a number of months. Go to our pay or manage an overdue amount page to understand how to make a payment or get help from us.

If you haven’t talked to us yet, please call us on 0800 085 1135 so we can help you get back on track.

Or you might prefer to speak to one of our partners who can offer free debt advice. Find out how to contact them on our independent help and support  page.

If you've missed a payment on your mortgage, you cannot switch to interest only for 6 months or increase your mortgage term under the Mortgage Charter.