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At the end of your mortgage term, your lender will want your loan repaid in full. Usually, a couple of years before your mortgage ends, you’ll receive a series of letters you’re your lender reminding you of the outstanding balance.
Don’t panic though, if you haven’t got the money available, there are options available – these will depend on:
The options you have when your mortgage term ends are:
Yes, it is possible to change mortgage before the term ends. Our mortgage team will let you know whether this is the right thing for you to do or wait a little longer.
Things to consider when changing your mortgage before the term ends are:
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Firstly, don’t worry, if you have enough equity there may be options available for you to stay in your home. Your lender will start writing to you a couple of years before your mortgage term ends to give you plenty of time to get something sorted.
Secondly, leave plenty of time and speak with an independent later-life mortgage specialist, like us, to run through your options.
The options generally are to sell your home to repay the loan, downsize with a smaller mortgage, or raise capital via a retirement or lifetime mortgage.
Contacting a mortgage broker with plenty of time is key and will give you peace of mind knowing what your alternatives are.
Yes, it may be possible to extend your mortgage when the term ends. This can either be with your current lender or via a remortgage to a new one with a longer term.
If you’re wanting to extend your mortgage when the term ends, the first thing to do is to give your existing lender a call to establish what your options are. Depending on your income, affordability, and if your lender is still lending, they may extend your term.
If your existing lender is not able to help, the second thing to do would be to speak with an independent mortgage broker like, like us, to see if there are any alternative options for you with another lender.
With retirement interest-only and lifetime mortgages, it is possible to have no end to you mortgage term, these products run for life.
There are 4 options when your interest-only mortgage is ending soon, these are:
The best thing to do would be to is leave yourself plenty of time and to explore each of the options above with a mortgage broker to find the most cost-effective solution for your personal situation.
Speaking with an independent mortgage broker 6 to 12 months before your mortgage deal ends will give you enough time to get an alternative loan sorted.
Yes, unless you have the money available to repay your loan, you will have to sell your home to repay the loan before your mortgage term ends.
If you would like to stay in your home, there may be alternative mortgage products that can help repay your loan and allow you to stay in your home for a longer term or until you die or go into long term care.
There is also the option of selling your current home before your mortgage term ends, downsizing to a cheaper property that you can buy using your remaining equity as a cash-buyer or take out a new much smaller mortgage into retirement.
Yes, a lifetime mortgage, which is a kind of equity release product, can be used to repay your mortgage when the term is ending.
Alternative solutions to equity release to repay a mortgage that is ending soon, are a traditional mortgage or retirement interest-only. may be more suitable to your situation and prove to be more cost-effective.
What kind of mortgage will be best to repay will depend on:
It’s important to speak with an independent mortgage broker, like us, who can explore all your options to recommend the best way forward. Your mortgage broker will ensure you’re not paying more interest than necessary, saving you both time and money.
Book your appointment early in the morning, late in the evening or on the weekend.
Your initial mortgage appointment is completely free.
Your case manager will be by your side throughout the whole mortgage process.
We will be open and honest with you throughout the whole process.
Beyond your mortgage, we want to help you find appropriate insurance products tailored to your circumstances.
Our job is to try and find a deal that suits your personal and financial situation.
With a combination of our experience and knowledge, we will guide you through the whole process.
We prioritise customer service, we want you to feel comfortable and secure at all times.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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