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Supporting you with your mortgage

Worried about your mortgage payments? We're here to help

We understand that you might be anxious about the cost of living crisis and how to keep up with your mortgage payments as well as paying your other bills.

In general, if you can find a way to continue your current mortgage payments then you should do so. But we can offer you other options in case you can't.

HSBC and the government's Mortgage Charter

HSBC, along with other banks, has agreed to the commitments of the Mortgage Charter released by the UK government in June 2023. The charter sets out how banks can give customers additional flexibility with their mortgages.

The Mortgage Charter says that customers who are struggling can:

  • contact their bank to discuss options for support without affecting their credit score
  • arrange to switch rates up to 6 months ahead of a current rate expiring
  • extend their mortgage term, with the option to reduce it within 6 months
  • choose to pay only the interest due on their mortgage for a 6-month period

Accessing the Mortgage Charter support will not result in any affordability checks or any marker being added to your credit file. Factual changes will be reflected, such as any changes to monthly payments or terms, but these will not impact your ability to apply for credit long term.

HSBC already offers the option of switching rates up to 6 months ahead of your current rate expiring and extending your mortgage term.

If you feel you would benefit from a reduction in your monthly payments, and your mortgage payments are up to date, please explore your options to find out which one might be best for you.

It’s important to make sure that any changes you make to your mortgage are right for you. If you have any questions, call us on 0800 783 6533 and we’ll be happy to help. The sooner you get in touch with us, the sooner we can help.

Lines are open

8:00am to 8:00pm Monday to Friday

9:00am to 5:00pm Saturday and Sunday

Important information

If you’ve already missed a mortgage payment, our money worries page has guidance on what to do next.

If you have a Buy-to-let mortgage or your mortgage rate ends within the next 6 months, you’ll need to call us on 0800 783 6533 to talk through your options.

Lines are open

8:00am to 8:00pm Monday to Friday

9:00am to 5:00pm Saturday and Sunday

Explore your options

Your mortgage is usually your biggest household expense. It's worth taking the time to make sure your mortgage still suits your needs.
You may be able to extend the term of your mortgage. This could reduce your monthly payments. If you only need to do this temporarily, you'll be able to change back to a shorter term.
If you have a capital repayment mortgage but feel you would benefit from a reduction in your monthly payments, you may be able to change your monthly payment to just pay the interest for 6 months. After 6 months, you'll go back to repaying both capital and interest.

Review your mortgage rate

Take a look at our current rates. If you find a new rate that you're interested in, you can switch online or call us to make the switch

We don’t need to check your eligibility or credit score to switch your rate.

Once you’ve secured a new rate, you can change your mind - up until your new rate takes effect. 

If you change your mind after your new rate starts, there may be early repayment charges to pay.

Extend the term of your mortgage

How extending the term of your mortgage works

Extending the term of your mortgage means that you’ll pay back your mortgage over a longer period of time.

If you only need to do this temporarily, you’ll have the option to change it back again without having to make a further application, meaning no additional affordability checks.

You can see what your monthly payments could be by using the mortgage term calculator.

So, if for example your current mortgage has a remaining term of 15 years, the calculator will show you what your monthly payments could be if you extend your term to 20 years.

Extending the term of your mortgage means that it will take longer to pay your mortgage back, and will increase the total amount to be repaid. But it can be useful because the monthly payments are lower.

If you feel you would benefit from extending the term of your mortgage, follow the steps shown.

If you've already extended your term and want to change it back, follow the steps to reduce your mortgage term.

Reduce your mortgage term

If you’ve extended your mortgage term since 17 July 2023, you can reduce your term to what it would be now if you had not extended it, or to a term in between this and your current term.

For example, if your remaining term was 10 years and you extended it to 15 years six months ago, your new term must be between 9 years and 6 months and 14 years and 6 months.

Reducing your term will mean that your monthly payments will be higher. However, it will also reduce the total amount to be repaid.

You can do this without any application, affordability assessment or credit check - as long as you haven’t missed a payment and you request to reduce the term within 6 months of the extension being applied to your mortgage.

If you want to reduce your term to one that is shorter than what it would be now if you hadn’t extended it, you’ll need to follow our usual process. This includes an application, affordability assessment and credit check.

If you've made changes to your mortgage, other than switching your rate, since extending your mortgage term, you may have to complete a new application. Call us on 0800 783 6533.

Use temporary interest-only payments

How temporary interest-only payments work

If you choose this option, you'll have a 6-month period of temporary interest-only payments. This means that your monthly payments will only cover interest - not the mortgage capital (the amount you borrowed). 

When the temporary interest-only period ends and you go back to paying your mortgage in the usual way, your payment will cover both the interest and the capital again, and the payments are likely to be higher at this time.

Overall, using a temporary interest-only payment period means that the total amount you'll need to repay will be higher. But it can be useful because the monthly payments during the 6 months are lower.

Before you choose this option, use the calculator to see what your monthly payments could be during and after the 6-month period.

If you have an overpayment arrangement in place, we’ll cancel this. Please contact us if you’d like to set this up again.

If something changes and you’d like to return to making the full capital and interest payment during the temporary interest-only period, please contact us.

After your last interest-only payment, we'll contact you to let you know your new monthly payments.

Frequently asked questions

You might also be interested in

Our useful guides have a range of information that might help you.
Need to reduce your mortgage payments? See what options are available for your type of mortgage.
Find out where to get help with the rising cost of living, including higher energy and food prices.
Get more detail on what you can do if you're already behind with mortgage payments, or you're worried that you won't be able to make the next one.
It's easy to answer your query online. Visit our Help page to find out how.