You will now be able to change your mortgage to an Interest Only one for six months. Interest Only is a repayment method where you only make regular payments towards the interest on the mortgage and not the capital.
Alternatively you can extend the term of your mortgage to reduce your monthly payments with the option to switch back to your original term within the first six months. Extending the term of your mortgage means you would pay it off over a longer time, lowering your monthly payments but increasing the total interest you pay.
As long as the term, and any fees and incentives are the same, you can choose a lower rate. In fact, you can change as many times as you like until up to 2 weeks before your new rate begins. You can access the existing product range applicable to your mortgage at any time by logging onto your mortgage account.
If you’re falling behind in your mortgage payments, or feel you're likely to
Call us for more information and support. We have other ways to help you. If you can’t pay your mortgage you may feel you are at risk of losing your home. No home will be repossessed without consent within 12 months from the first missed payment.
By contacting us now, we will have time to help you consider all the options available to you.