Are You Able to Extend a Mortgage Term?

Couple reviewing their mortgage term

As a mortgage professional, I often get asked by clients, “Can I extend my mortgage term?” The simple answer is yes, but as with all mortgage decisions, there are considerations.

If you are moving house or looking to remortgage, you can extend your mortgage term with your existing mortgage lender or with a new lender, provided you meet their criteria. While this can free up equity and reduce your monthly payments, your interest payments will increase over the life of the loan.

Before you extend your mortgage term, make sure you understand the implications and ensure it’s the right decision for your financial future. Read on for Goldmanread’s helpful guide on extending a mortgage term. For personalised mortgage and remortgage advice, please contact us to arrange a consultation.

What happens at the end of a mortgage term?

What happens at the end of your mortgage term depends on whether you have a capital repayment mortgage or an interest-only mortgage.

If you have a capital repayment mortgage, you will repay the mortgage in full at the end of the term, and the debt will be discharged as long as you have met all of the monthly repayments.

For an interest-only mortgage, you will repay the loan by whatever means you confirmed to the lender when you took out the original mortgage, e.g., selling your property and downsizing, selling other properties, taking a pension lump sum, or liquidating other investments such as an endowment policy.

Can I extend my mortgage term without remortgaging?

You can apply to your existing lender to extend your mortgage term without remortgaging. They will treat it as a new loan application, as you are changing the original conditions of the mortgage. This means you will need to provide details of your financial situation, like proof of income, credit cards and personal loans, once again.

It’s important to note that some mortgage lenders limit the maximum term available to borrowers. For instance, most lenders will consider a mortgage term up to age 70, but fewer will consider extending it to age 75 or beyond.

Reasons people extend their mortgage term

The reason people choose to extend their mortgage term is to access more money, either by reducing monthly payments or releasing equity as a lump sum. This is often prompted by moving home or a remortgage.

Reduce monthly payments

Extending the term of a capital repayment mortgage will result in lower monthly repayments, which can be helpful if you are experiencing financial difficulty or simply want to improve your standard of living.

Equity release

If your property has increased in value, you may want to access equity for any number of reasons, like home improvements, a holiday, or buying a rental property. Extending the mortgage term can make accessing equity more affordable by reducing the monthly mortgage payments.

What to consider when extending your mortgage term

When extending your mortgage term, the main consideration is that the monthly payments will remain affordable even if interest rates go up in the future.

Other important factors to consider are:

Increased interest charges

The longer your mortgage term the more interest you will pay overall. Let’s look at a simple example to illustrate this. You have a remaining balance of £150,000 on your mortgage with an interest rate of 3% and 15 years left on the term. Your current monthly payment would be around £1,033.

If you extend the term to 20 years, your monthly payment would be around £881, which is a nice monthly saving. But the total interest paid over those 5 extra years is significant, in this example, an extra £12,000.


Lenders have maximum age limits for mortgages, typically up to age 70 or 75. Some lenders may consider lending up to age 80 or 90.

For longer-term mortgages, especially those extending past age 70, lenders will want proof of the borrower’s pension arrangements. This may be confirmed by providing proof of payments into a workplace pension or by receiving written confirmation from pension providers outlining projected pension income after age 70.

In some cases, the lender will assess the full mortgage based solely on future expected (and provable) pension income, particularly when applicants are approaching retirement and are less than 10 years away from retirement age.


An extended term will be assessed in the same way as any standard mortgage application. This means lenders will want to confirm your income and credit score.

Does extending a mortgage term affect credit score?

Extending a mortgage term does not necessarily affect the borrower’s credit score. Factors that can impact credit history include multiple credit applications over a short period, which can indicate to lenders that the borrower is credit-hungry.

What can you do if your mortgage lender declines a mortgage extension?

If your lender declines to offer a mortgage extension, it is worth discussing your requirements with a mortgage broker. We can help determine the reasons the extension was declined and advise suitable alternatives, if any are available. In the process, we may even be able to source a better deal for your circumstances.

How can Goldmanread support you?

At Goldmanread, we have been helping customers secure mortgages for over 15 years. As experienced mortgage experts, we know which lenders are more likely to offer extended mortgage terms and those who will consider lending beyond the age of 70.

We can guide you through the process to help find the best mortgage products to meet your needs and help you save money. Once your mortgage deal is confirmed, we will take care of the process to save you time and provide complete peace of mind.

Contact us today to arrange a consultation and find out how much you can save by extending your mortgage term.


Extending your mortgage term to reduce your monthly payments or access the equity in your home is possible, but it’s important to factor in the increased interest payments over the longer term. As well as understanding the impact on your financial future, it’s also important to make sure you fit the lender’s criteria, especially if you are approaching retirement age.

Getting professional advice from a mortgage broker like Goldmanread can help you decide whether extending your mortgage term can help you achieve your short-and long-term goals.

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Clive Read

Clive Read is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.

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