Help and support options
Please read through all the information provided about each option before applying for any of them. None of these options will impact your credit score.
Making interest only payments or extending your mortgage term will mean paying more interest overall. You should continue with your current monthly payments if you can manage them comfortably.
Should I make interest only payments or extend my mortgage term?
You can temporarily make interest only payments for a maximum of six months, to give you some time to get back on track with your budget. With a term extension, you could make reduced payments for longer. Both options mean you’ll pay back more overall, but a term extension could mean you’ll be paying your mortgage later on in life.
If you extend your mortgage term past your planned retirement age, we’ll need to ask you some questions about your income. You can choose to go back to your original term within the first six months without an affordability check.
Remaining balance: £200,000
Remaining term: 25 years
Interest rate: 9.7%
Current monthly payment: £1775.28
Payments shown don’t include offsetting, so should only be used as an indication if you have an offset mortgage.
Cancelling an interest only payment arrangement
If you decide to cancel the payment arrangement before the six months comes to an end, you can let us know by completing our cancellation form (provided by Bank of Scotland).
Please remember, you can only apply once.
You could lose your home if you don’t keep up your mortgage repayments