Your mortgage statement will confirm whether your mortgage is interest only, repayment or a combination of both (part and part).
You can apply to change to a repayment mortgage at any time, and there is no administration fee for changing all or part of your interest only mortgage to repayment.
By changing to a repayment mortgage you will still pay the interest on your loan every month but you will also pay off a portion of the capital. This means that your payments will be higher but your overall mortgage balance will reduce. If you continue to make your contractual payment each month, in accordance with the terms and conditions of your mortgage, your loan will be repaid at the end of the mortgage term.
If you would like a quote for changing your mortgage to repayment, please call us on 0345 605 0500 (residential customers) 0345 602 4578 (buy-to-let customers).
If you have instructed your repayment plan provider to transfer the money to us, this should be done automatically on maturity of your plan. Otherwise, the money will be sent directly to you and you will need to forward this payment to us to pay off your mortgage.
To make a partial mortgage repayment, please call us on 0345 602 8301
To repay your mortgage in full, you will need a redemption statement
Please call us on 0345 605 0500 (residential customers) 0345 602 4578 (buy-to-let customers) to let us know when you will receive the funds to repay your mortgage.
To help you understand how to repay your interest only mortgage in relation to your personal circumstances you may want to speak to an independent financial advisor (IFA).