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Mortgage Term Ending

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What happens at the end of my mortgage term?

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:

  • Your age, or age of the younger applicant.
  • How much equity you have accumulated.
  • Your plans with the property.
  • Your income and affordability.

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End of Mortgage Term Options

The options you have when your mortgage term ends are:

  • Sell the property, pay the loan off, and downsize as a cash buyer.
  • Move to a cheaper property, repay your loan, take out a new smaller mortgage.
  • Agree a mortgage term extension with your current lender (if possible).
  • Remortgage to a new mortgage lender, either repayment or interest-only.
  • Apply for a retirement interest-only mortgage (RIO) product which run for life.
  • Explore your equity release options in the form of a lifetime mortgage or a home reversion plan.

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Can you change mortgage before the term ends?

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:

  • Early redemption fees, these will be lender specific and will depend on if you are currently tied into a deal or not.
  • Your interest rate, it might be a lot cheaper for you to maximise your current deal if you’re on a competitive rate.
  • Leave yourself plenty of time, the early you investigate your options the better. It’s best to start speaking to us 12 months before your mortgage ends.

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Mortgage Term Ending FAQs

What happens if you can’t pay off your mortgage when the term ends?

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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.

Can you extend the mortgage when the term ends?

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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.

My interest-only mortgage is ending soon, what are my options?

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There are 4 options when your interest-only mortgage is ending soon, these are:

  1. Repay your loan with your savings and investments.
  2. Repay your loan with the funds from a remortgage to another lender.
  3. Explore your options with your existing lender.
  4. Sell the property to repay the loan and downsize, with or without a new smaller mortgage.

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.

Do you have to sell my home before the mortgage term ends?

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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.

Can you use equity release to repay a mortgage that is ending soon?

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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:

  • Plans with your home.
  • Income and affordability.
  • How much equity you built up.
  • Property value and construction.
  • Age, or age of your partner if younger.
  • Whether you have an existing mortgage.
  • Debts and credit score.

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.

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