Switch to repayment or part & part mortgage - Hessonite

Switch to a repayment or part & part mortgage


If you have an interest only mortgage, when your mortgage reaches the end of its term, you’ll need to repay the amount you owe us as a lump sum.

Unsure if you have an interest only mortgage?

It’s important you’re fully aware of the type of mortgage you have, so you can plan ahead. If you’re unsure, we can help you find out.

Read more here

If you’re a landlord, it’s not possible to switch an existing interest only buy-to-let mortgage to repayment or part & part.

Instead of changing repayment type, you could consider the benefits of making overpayments, which will help reduce your mortgage balance and the amount of interest you pay. That may help you to pay off your mortgage earlier or could mean that you’ll have more options to remortgage in future. Please see our dedicated page here.

Want to consider other repayment plan options?

There are various ways you can prepare to pay back the balance you owe or minimise any potential shortfall.

You need to have a plan in place to repay your interest only mortgage. It’s never too late to get started and the sooner you act, the more options you are likely to have

Read more here

If you can’t repay your balance

We don’t allow term extensions on a buy-to-let mortgage and we can’t offer new mortgage deals or further loans to customers. We may need to take action to repossess your property if you’re unable to pay the full amount at the end of your term – and if you sell your property, you could be taken to court to recover any shortfall if the sale price achieved does not cover the balance you owe.

Tell us your plans

However you intend to repay your interest only mortgage, it’s important that you get in touch and tell us your plans.

If you’re unsure how you might repay your loan or don’t have a plan yet, we can guide you through the different options available and highlight sources of independent advice which may be helpful.

Contact us

Other information on our website that might be useful

Making overpayments

See the positive impact making overpayments could have on your mortgage.

Useful tools & calculators

Our calculators will help you plan and consider some of your mortgage options.

Redeeming your mortgage

Find out all the information if you’re redeeming (paying off) your mortgage with us.

Find a better deal

Information and support if you’re looking to move your mortgage to another lender.

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