Mortgage Charter Support Measures

If you would like to see what taking a term extension or switching to an interest only mortgage for 6 months would mean for your monthly payment, please contact your private banker, who will take you through the options.

Interest Only

If the repayment method of your mortgage is currently on a repayment basis (capital and interest), you can apply to temporarily switch your mortgage to an interest only repayment method for 6 months. As you won’t be paying off the capital on your mortgage during this period, you’ll see a reduction in your monthly payment but your mortgage balance will remain the same.

After the 6 month period your mortgage will revert to the repayment type you were originally on but your monthly payments will increase.

There is no need for an affordability assessment and your credit score won’t be impacted by this change.

Term Extension

You can apply to extend the term of your mortgage so that you repay the loan amount over a longer period of time and as a result you pay less each month.

You have the option to revert back to your original mortgage term within the first 6 months or alternatively keep to the revised term.

It is important to note that the total amount of interest you pay will increase as a result of extending your mortgage term.

There is no need for an affordability assessment as long as the term is not extended beyond your anticipated date of retirement or age 70, whichever is sooner.

Your credit score won’t be impacted by this change.

Please contact your Private Banker for further information.

Important information

You confirm you’ve selected to make this change to your Mortgage on a non advised basis and made use of the available calculator to understand the impact to your future payments.

You confirm that this mortgage remains affordable to you both during and after the change that you have chosen to make.

You understand the total amount of interest you’ll pay over the full term of the mortgage will be higher and that your monthly payments may increase after six months interest only or should you switch back to your original term.

If applying for a term extension, you have confirmed that your new term will not take you beyond your planned retirement age or age 70, whichever is sooner.

Making this change to your mortgage will not affect your credit score.

You understand you can not apply for a temporary change to interest only if you have had your mortgage term extended using the Mortgage Charter Support Measures.

If applying for a term extension, you have the right to request for your mortgage to revert back to the original term within 6 months of the first new payment date without needing to complete an affordability assessment.

If you are able to meet your current mortgage repayments you should continue to do so without making any changes to your mortgage.