Cashback Remortgages · Remortgaging
Remortgaging When Your Mortgage Term Is Ending
The end of your mortgage term is different from the end of a rate deal. If a balance remains — especially on interest-only — you need a plan well ahead of time.
Repayment vs interest-only
On a repayment mortgage the balance is cleared by the end of the term. On interest-only, the capital remains and must be repaid, so you need a credible repayment strategy or to arrange new borrowing.
Approaching the end of term with a balance and no plan limits your options.
Planning ahead
Options can include remortgaging to a new term (subject to age and affordability), extending with your current lender, or downsizing. Later-life lending options exist but have their own criteria. Get advice early.
Sources and further reading
General mortgage information, not a personal recommendation. Lender criteria and scheme rules can change. Ask an adviser about your circumstances and a solicitor or tax adviser about legal or tax questions. Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let mortgages are not regulated by the FCA.
Discuss the next step for your mortgage
Understand your options before you make a decision.