Interest Only customers - If your mortgage term is coming to an end

When your mortgage term ends, you must pay off the whole balance outstanding on your account and any associated loans (if the associated loans have also came to an end). This requirement is part of the terms and conditions of your mortgage.

This page will help you to understand our process, and what to do if your mortgage term is either coming to an end or has already ended.

If you have an Interest Only mortgage, your monthly payments have been paying the interest but have not reduced your loan balance (unless you have been making overpayments to purposely reduce the balance of your mortgage). This means that at the end of your agreed mortgage term, you need to repay your loan in full. Please click here for more information on Interest Only mortgages.

You should already have a plan in place to pay off the loan when its term ends. If you haven’t already done so, please share your plan with us as soon as possible. You can either call us on 0330 159 2590* or fill in the repayment plan form and send this back to us.

If you do not have a repayment plan in place to repay your loan in full, please call us on 0330 159 2590* as soon as possible to arrange a telephone appointment with a specialist adviser. They will discuss your options with you.

Your home may be repossessed if you do not pay the full amount on the date we agreed. You may also be taken to court to recover any additional shortfall if the sale price of your property does not cover the loan.

Our Process

To help ensure you can repay your mortgage balance, we will:

  • Write to you 12 months before the end of your term to remind you that your mortgage is coming to an end;
  • We will then send you a further reminder six months before your term ends;
  • Finally, we will then write to you a final time one month before the end of your term

To repay the outstanding balance before the end of its term, you can request a redemption statement from us. This will confirm the amount to be repaid. Click here for more information on redeeming your mortgage.

If you have not settled your outstanding balance two months after the end of your term, we will write to you with a demand for payment that includes a redemption statement detailing the full amount to be repaid.

Not repaying the outstanding balance by the end of your mortgage term could lead to the repossession of your home and may adversely affect your credit file.

If you are worried about your mortgage term ending

Call us today on 0330 159 2590* to discuss your options or to arrange a telephone appointment at a time that’s more convenient for you.

Repayment customers

When you come to the end of your repayment mortgage term, you should have repaid your loan balance in full in accordance with the terms and conditions of your mortgage. For information on redeeming your mortgage, please click here.

If your mortgage term has ended

Whether you have a repayment or an Interest Only mortgage, if your mortgage term has now ended, you should have repaid your loan balance in full in accordance with the terms and conditions of your mortgage.

If you have not repaid your loan balance in full, you should call us urgently on 0330 159 2590*. We can then discuss your circumstances and discuss any options that may be available to help you.

Failure to repay the remaining mortgage balance at the end of the term may lead to action being taken in respect of your property (such as the appointment of a receiver or taking possession).

If we accept any payments from you after the mortgage term has ended this payment will be put toward the outstanding mortgage debt including interest due. This does not affect any of our rights under the mortgage terms and conditions. Any delay in exercising our rights does not constitute a waiver of that right or remedy.