Extend your mortgage term

To help you make the right decision about whether or not to change your mortgage term, we aim to give you all the information you need. If you're not sure, then we'd recommend that you take independent financial advice.

Eligibility

You can apply if:

  • Tick icon You have a buy to let mortgage
  • Tick icon You have a valid Energy Performance Certificate (EPC) with a rating between A - E, unless you have a registered exemption on the National PRS Exemptions Register
  • Tick icon You’ve paid all your monthly mortgage payments in the last 12 months
  • Tick icon You have at least 70 years remaining on the lease (leasehold properties only)
  • Tick icon Your loan to value is below 80%
  • Tick icon Your limited company account was opened after 2011
  • Tick icon You live and work in the UK for at least 6 months per year
  • Tick icon You're not bankrupt or in an Individual Voluntary Arrangement (IVA)
  • Tick icon Your ground rent/service charge hasn’t been paid from your The Mortgage Works account in the last 12 months
  • Tick icon You or a member of your family isn’t living in your property
You can’t apply if:
  • Cross icon You're applying on a Portfolio mortgage account. Term extensions aren't available on Portfolio mortgage accounts.

Things to consider before you apply

  • By increasing the term of your mortgage, the total interest you’ll pay for your mortgage will be higher
  • You can apply to extend the term up to a maximum of 10 years at any one time. Please consider the following:
    • Interest only accounts, near the end of the mortgage term, can be extended up to 10 years from the date of application. If your term has expired, you can extend the term up to 10 years from your original expiry date
    • Capital and interest repayment accounts can be extended up to 10 years and to the maximum term of 35 years
  • If you have taken out a further advance with us on the property, then any term extension will also apply to this
  • We’ll need to carry out a full independent internal valuation of the property – so please let us have a contact name and telephone number on the application form, so we can arrange this.
  • If the property is subject to a HMO License, this should be supplied alongside the term extension application form.
  • If the property is subject to an EWS1, or the building is over 11 metres/5 storeys we also require: 
    • EWS1 certificate - The EWS1 form must be completed by an appropriately qualified specialist on behalf of the building owner.
    • A letter (on headed paper) from the signing firm which details their area of business, qualifications and confirms they completed the EWS1 form.

Apply

  1. Complete and sign the application form

    The application needs to be fully completed and signed by all parties on the mortgage account.

    Download application form:

    Term extension form

  2. Send your application

    Post your signed application form to:

    TMW Mortgage Servicing
    Kings Park Road
    Moulton Park
    Northampton
    NN3 6NW

What's next

  • Once we've received your application form, we'll assess your application. There may be occasions when we will request additional information to support your application. If so, we will write to you and explain what information is needed.
  • If your application passes our initial assessment, we'll instruct an independent full on-site valuation on the property, at no additional cost.
    • There may be occasions when an additional specialist report is required. If so, we will contact you with further guidance and ask that you arrange this with a suitable provider. Please note that any specialist reports will need to be paid for by the applicant.
  • The valuation will be assessed, and we'll carry out an affordability assessment
  • We'll send you a letter to let you know our decision.

If you have any questions about the application form, please call us on 0345 606 40 60 and we'll be happy to help.

What if you don't extend your mortgage term?

You can pay the balance of your mortgage before the end of the mortgage term, using existing savings or the sale of the property. This is known as mortgage redemption. Or, you could be eligible to remortgage to another mortgage lender. If you are not sure what is best for you, we recommend that you take independent financial advice.

If your mortgage term has ended, and you are selling the property or remortgaging to a new lender, you will need to send supporting information. Where applicable, please send the following to SLLand&Deeds@nationwide.co.uk

  • A recent letter from your estate agent to confirm the property has been listed for sale. Please include any viewing dates and offers received
  • Memorandum of sale
  • Website link to your live property listing 
  • If selling at an auction include a covering letter including a date and time of the auction
  • If remortgaging to a new lender include an agreement in principle from the new lender