It’s possible to change your mortgage terms, although the options available will depend on your lender and your individual circumstances. Some changes can be made with your existing lender, while others may involve switching to a new mortgage.
Whether you’re looking to reduce your monthly repayments, pay off your mortgage sooner or make changes following a change in circumstances, understanding your options can help you decide what’s right for you.
Changing Your Mortgage Term
One of the most common changes homeowners make is to the length of their mortgage. For example, you may have originally taken out a 30-year mortgage, but later decide you’d like to reduce the term to 25 years so you can become mortgage-free sooner.
It’s also possible to extend your mortgage term in some circumstances. Spreading your repayments over a longer period could reduce your monthly mortgage payments, although you’ll usually pay more interest over the life of the mortgage.
Before agreeing to any changes, your lender will normally carry out affordability checks to make sure your new mortgage term is suitable for your current financial circumstances.
Switching to a New Mortgage Deal
Changing your mortgage terms doesn’t always mean changing the length of your mortgage. You may also be able to switch to a new mortgage deal if your current deal is coming to an end or your existing mortgage no longer suits your needs.
If you move your mortgage to a different lender, this is known as remortgaging. If you stay with your current lender and switch to another deal, this is often referred to as a product transfer. Both options could help you secure a mortgage that’s better suited to your current circumstances.
If you’re considering remortgaging in Newcastle, our mortgage advisors can compare your options and explain whether switching lender or completing a product transfer is likely to be the most suitable route for you.
Borrowing More on Your Mortgage
If you need to borrow additional funds, it may be possible to increase the amount you’ve borrowed against your property. This could be for reasons such as home improvements, purchasing another property or other significant expenses, although your lender will want to understand what the money will be used for.
Depending on your circumstances, you may be able to borrow more with your current lender or as part of a remortgage. In either case, your lender will usually carry out affordability checks before agreeing to any additional borrowing.
If you’re considering borrowing more on your mortgage, speaking to a mortgage advisor can help you understand the options available and whether additional borrowing is the right choice for your circumstances.
Changing Your Repayment Type
In some circumstances, you may be able to change the way you repay your mortgage. For example, you might switch from a repayment mortgage to an interest-only mortgage, or from interest-only to repayment, depending on your lender’s criteria and your individual circumstances.
Not every lender will offer both options, and you’ll usually need to meet specific eligibility requirements before any changes can be made.
If you’re thinking about changing your repayment type, it’s important to understand how this could affect your monthly repayments and the total amount you’ll repay over the life of your mortgage.
What Happens If Your Circumstances Change?
Changes to your personal or financial circumstances don’t always mean you’ll need to change your mortgage, but they could affect the options available to you if you’re looking to make changes in the future.
For example, changing jobs, becoming self-employed, taking out additional credit or experiencing a change in income could all have an impact if your lender needs to carry out a new affordability assessment.
If your circumstances do change, it’s usually best to let your lender or mortgage advisor know as soon as possible. They can explain whether the changes are likely to affect your mortgage and let you know if any further information is needed.
Is Changing Your Mortgage Terms The Right Option?
Changing your mortgage terms could help if your current mortgage no longer suits your needs, whether you’re looking to reduce your monthly repayments, pay off your mortgage sooner or switch to a different mortgage deal.
The right option will depend on your individual circumstances and what you’re hoping to achieve.
If you’re considering changing your mortgage terms, speaking to a mortgage advisor can help you understand the options available and whether making changes with your current lender or remortgaging is likely to be the most suitable route.
Our mortgage advisors in Newcastle are always happy to answer your questions and help you explore your options.
Date Last Edited: July 20, 2026
