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Extend the term (length) of your mortgage

If you have a capital repayment loan (rather than interest only), you may be able to extend the term (length) of your loan by up to 6 months. This could help reduce your monthly payments so they’re closer to the amount they were before you took your payment holiday. 

How it works

The table below helps illustrate how your monthly payments could change by extending the term of your loan up to 6 months. This table uses rounded figures.

Loan balance £150,000 £250,000
Remaining loan term 15 years 30 years
Interest rate 2% 2%
Monthly payments before extension £965 £924
Monthly payments after 6 month term extension
£939 £913
Decrease to monthly payments £27 £11
Future total cost of borrowing £174,573
£334,156

Additional interest payable 

(included in future total cost of borrowing)

£826 £1,499

The table below helps illustrate how your monthly payments could change by extending the term of your loan up to 6 months. This table uses rounded figures.

Loan balance Remaining loan term
£150,000 15 years
£250,000 30 years
Loan balance Interest rate
£150,000 2%
£250,000 2%
Loan balance Monthly payments before extension
£150,000 £965
£250,000 £924
Loan balance Monthly payments after 6 month term extension
£150,000 £939
£250,000 £913
Loan balance Decrease to monthly payments
£150,000 £27
£250,000 £11
Loan balance Future total cost of borrowing
£150,000 £174,573
£250,000 £334,156
Loan balance

Additional interest payable 

(included in future total cost of borrowing)

£150,000 £826
£250,000 £1,499

Next steps

1. To see the likely change to your monthly payments by extending the term of your mortgage, enter your revised payment details from your end of payment holiday letter into our calculator.

If you're unable to view the calculator, or would like to discuss the possibility of extending your term for longer than 6 months, please call us.

2. Once you’ve used our calculator to illustrate the likely financial implications of extending your loan term by up to 6 months, if you’d like to apply, you can do this online or by calling us. 

By applying for a term extension of between 1 and 6 months, you’re confirming that: 

  • you’ve been financially impacted by Covid-19 and have taken a payment holiday from your HSBC mortgage
  • you’ve received a payment holiday expiry notification letter from us
  • you were up to date with your payments at the start of your payment holiday
  • you’re not asking for a term extension which would go beyond a total mortgage term of 35 years
  • your requested extension does not take you beyond your retirement age, or extend further into your retirement

Please note, we won’t be able to provide you with mortgage advice as part of this application, which means you won’t benefit from the protection provided by Financial Conduct Authority rules. For example, these rules would normally require us to assess how suitable any of our mortgage products are for you. We’ll also not be able to make any amendments to this application on your behalf. By submitting this form, you agree to progress on this basis and have read and accepted our terms of service.

Once approved, we’ll try to apply your term extension so that it’s reflected in your next monthly payment. However, if we receive your signed acceptance without enough time for us to do this, we’ll apply it to your following payment. We’ll write to you to confirm the date your new payments will take effect.

If you need any advice during this application, please contact one of our mortgage advisers.

Call us

To discuss your options, please call us on 0800 169 6333, select option 0.

Lines open:

  • Monday to Saturday, 08:00 – 20:00
  • Sunday, 09:00 – 18:00
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