Existing mortgage customers

The Mortgage Charter aims to help customers who are struggling to pay their mortgage. In line with the Government Mortgage Charter there are two ways to change your mortgage.

Using the Mortgage Charter

• You can switch to interest only for 6 months or increase your mortgage term. You can only make one change under the Charter.
• There’s no fee for doing this.
• There’s no affordability check or advice provided.
• We won’t do a credit search, so it won’t show on your credit file.
• If you’re increasing your term a maximum age limit and term applies. 
• Buy to Let mortgages are excluded.
• You can cancel and go back to your original terms within 6 months without an affordability check or a credit search. To cancel your request, please call us 0800 783 9738.
   

Already have Mobile and Online Banking? Log on, choose your mortgage account, then click ‘Manage my mortgage’. Or give us a call  on 0800 917 5630. Lines are open 8am to 6pm Monday to Friday and 9am to 2pm Saturday. 

Without using the Mortgage Charter

• You can change your method of repayment and mortgage term.
• There’s currently no fee for doing this.
• We carry out an affordability check and provide advice.
• We’ll do a credit search which will show on your credit file.
• If you change to an interest only mortgage, you’ll need a suitable repayment plan in place to pay off the capital at the end of your term. For example, from a mortgage-related endowment policy or ISA.
• If you’re changing your method of repayment or term a maximum age limit and term applies. 
• If you make a change to your mortgage, you may not be able to go back to your original terms in the future. Any changes will be subject to an affordability check and our lending policy at the time. 
• You’ll need to provide evidence of your income. 
• We’ll also need specific documents from you. Please see our list of documents you may need for your circumstances.
   

Already have Mobile and Online Banking? Log on, choose your mortgage account, then click ‘Manage my mortgage’. We’ll then contact you to finish your application over the phone. Or give us a call on 0800 051 5579. Lines are open 9am to 6pm Monday to Friday and 9am to 2pm Saturday. 

Before you get in touch

You may want to use our changes to my existing mortgage calculator first to see the impact on your monthly mortgage payments.

You may be able to let your property if:

• you’ve had your mortgage with us for more than 6 months, or
• you’ve had an additional loan for more than 6 months, and
• you’re not behind with your mortgage payments (arrears).  
   

We do not offer additional loans on consent to let mortgages.

If you’d like to know more, see the specific conditions for letting your property

You'll need to pay a fee of £295 if you want to go ahead with letting your property.

To apply you can complete a letting your property form and send it to us.

Or speak to a member of our mortgage team on 0800 783 9738. Lines are open 8am to 6pm Monday to Friday and 9am to 2pm Saturday.

It’s important you have a repayment plan in place to repay your interest only mortgage when it ends. If you don’t have a plan, you can think about these options:

Switch to repayment
Convert part or all of your interest only mortgage to repayment so it pays off the interest and the capital. You can apply to do this in our mobile app or in Online Banking. Simply log on, choose your mortgage account and then ‘Manage my mortgage’.

Make overpayments
Make overpayments on your mortgage to reduce the capital balance. You can do this easily online using Online or Mobile Banking

Sell your home
If you’re planning to sell your home you should put your house on the market 6 months before your mortgage ends. Make sure once you’ve sold your home you’ll have enough money to pay off your mortgage and money left over to buy another home.

What to do if you’re worried about repaying your interest only mortgage when it ends
If you can’t afford to pay back the mortgage balance outstanding at the end of your mortgage term, you may have to sell your property or face repossession.

If you want to talk to us about making changes to your interest only mortgage please call us on 0800 012 1583.

If you are experiencing financial difficulties or your interest only mortgage is ending and you can’t repay, call us on 0800 731 6650. If we’re not able to assist you there may be other external options available. If you would like free and independent advice, you can contact these organisations:

MoneyHelper
Call 0800 138 7777 or visit the MoneyHelper site
Citizens Advice
Call 0345 404 0506 or visit the Citizens Advice site
National Debtline
Call 0808 808 4000 or visit The National Debtline site
The StepChange Debt Charity
Call 0800 138 1111 (free from all mobiles) or visit the StepChange site

Later life mortgages
We’ve partnered with Legal & General to offer you lifetime and retirement interest only mortgages.

Designed for customers aged 55 or over, a later life mortgage lets you borrow money based on the value of your home, as a loan secured against it, while you continue to live there. The loan is usually repaid when the last surviving borrower dies or moves out of the home into long-term care.

• With a lifetime mortgage you are able to decide whether you’d like to pay all, some or none of the interest each month.  
• With a retirement interest only mortgage you must pay the interest in full each month. As a last resort, your home may be repossessed if you do not keep up with your payments.

There’s lots to consider so it’s important to receive financial advice to help you make the right decision. There may be cheaper ways to borrow money. Legal & General has its own team of specialist later life mortgage advisers, to help you find the right option for you. If you speak to one of their advisers, there’s no obligation to proceed. 
 

Learn more about later life mortgages with Legal and General.

Or call us to discuss Legal & General later life mortgages on 0800 012 1583 (option 3).

The Bank of England base rate is the official interest rate set by the Bank of England’s Monetary Policy Committee. Banks and building societies use the base rate to work out interest rates for some mortgage products.
What is the Bank of England base rate?
It’s currently 4.50%.
What is the Follow-on Rate (FoR)?
It’s currently 7.75% (Bank of England base rate plus 3.25%).
What is the Standard Variable Rate (SVR)?
It’s currently 6.75%.
About our different types of mortgage

This is a brief summary of the 3 different types of mortgages we offer

Fixed rate	Tracker rate	Lifetime Tracker
Best for: For people who want to know how much they need to repay for the next few years     You can fix your deal for 2, 3 or 5 years. During this fixed period your monthly payments will stay the same. After your fixed period you’ll move onto the Santander Standard Variable Rate. If you want to finish your deal early, you may have to pay an early repayment charge.	Best for: For people who think interest rates might change in the next few years or want to make unlimited overpayments.     You can choose a mortgage with an initial rate period and during this period your rate tracks above the Bank of England base rate. With this type of mortgage your payments may vary. The initial rate period is usually 2 years and after that you move onto the Santander Standard Variable Rate.	Best for: For those who don’t want to look for a new mortgage deal again or who want to make unlimited overpayments.      With a Lifetime Tracker mortgage your rate will track above the Bank of England base rate for the life of your mortgage term. Your payments may vary with this type of mortgage.

The graphs are for illustrative purposes only.
For an in-depth comparison of all of our mortgages, read our guide to mortgages