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What to do if your interest-only mortgage term has ended
As you have reached the end of your term, any interest-only parts of your mortgage should have been repaid.
If you think you won't be able to repay all, or part, of your interest-only mortgage - call us today and we’ll help you understand what solutions may be available for you.
Every day we help customers who thought they had no options to make a plan.
You must repay everything you owe at the end of your interest-only term. If you can’t do this, your property may have to be sold.
You need to call us so we can agree a solution with you. Call us on 0345 609 8951. Lines are open Monday to Friday 8am - 8pm and Saturday 8am - 1pm.
Common ways to pay off your interest-only mortgage
If your mortgage term has ended, and you haven’t yet repaid your interest-only mortgage balance, you need to get in touch today. Call us on 0345 609 8951.
We’ve listed the most common ways to pay.
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Switch to a repayment mortgage, or a part & part mortgage |
You may be able to switch all, or some, of your mortgage to a repayment mortgage. To switch to repayment, please call us on 0345 609 8951. We’ll look at your income and how much you spend each month to understand if this is an affordable option for you. There are three different ways of repaying your loan. These are: repayment, interest-only, a combination of repayment and interest-only. Find out more about different mortgage types. |
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Sale of your main or second property |
You can sell your main or second property to repay your mortgage balance. It’s important to be realistic about the value of your property, and the time it will take to sell. Find out more about sale of your main or second property. |
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Sale of a business or other assets |
You can sell your business or other assets to repay your mortgage balance. It's important to be realistic about their value. |
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Savings, Endowment Policies and Investments |
You can use any of these to repay your mortgage balance. Look at your statements to understand how much your plans are worth. Find out more about savings, endowment policies and investments. |
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Pensions |
You can use the lump sum from your pension policy to repay some, or all, of your mortgage at the end of the term. This will impact the income you'll have when you retire. If you're unsure how this will affect your retirement income, you should speak to an independent financial adviser. |
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Later life lending solutions |
There may be other later life lending solutions available to you depending on your circumstances. Call us today on 0345 609 8951. |