By applying for a term extension of between 1 and 6 months, you’re confirming,
- You’ve been financially impacted by coronavirus (COVID19), and have taken a payment holiday from your first direct mortgage.
- You’ve received your payment holiday expiry notification letter from us.
- You were up to date with your payments at the start of your payment holiday.
- You’re not asking for a term extension which goes beyond a total mortgage term of 40 years.
- Your requested extension does not take you beyond your retirement age, or extends further into your retirement.
If you submit an application form, this won’t constitute mortgage advice, which means you won’t benefit from the protection provided by the Financial Conduct Authority rules, which otherwise require us to asses the suitability of any mortgage products for you. We will also not be able to make any amendments to this application on your behalf. By submitting a form to apply for a mortgage extension, you agree to progressing on this basis and have read and accepted our terms of service.
We will try to apply your term extension so that it’s reflected in your next monthly payment. However, where we receive your signed acceptance and there’s insufficient time for us to do this, we’ll apply it to your following payment. We’ll write to you to confirm the date your new payment takes effect.
If you do need advice during the application, contact one of our mortgage advisers.
Once you’ve used our calculator to illustrate the likely financial implications of extending your term by up to 6 months, if you would like to apply, complete this form Opens an overlay [Will show a security message first].
Please note, if you apply to extend your term, you won’t be able to extend your payment holiday.
If you would like to consider a longer term extension, please refer to option 4 below.
If you are unable to view the calculator or would like to discuss the possibility of extending your term, please call us on 03 456 100 103 (lines open Mon to Sat 8am to 8pm and Sun 9am to 8pm).
2. Make a lump sum overpayment
If you have funds available, you could make a lump sum overpayment on your loan.
The letter that you will receive will confirm the amount of interest that has accrued and been added to your balance during your payment holiday period.
By paying this interest amount as a lump sum, you’ll reduce the balance of your loan. This could reduce your monthly payments back to a similar amount as they were before you took your payment holiday and will reduce the cost of borrowing over the remaining term of your loan.
You can call us on 03 456 100 103 (lines open Mon to Sat 8am to 8pm and Sun 9am to 8pm) to discuss making a lump sum overpayment. We’ll be able to tell you what effect it would have on your monthly repayments. We can arrange this for you if you want to go ahead.