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:

  • You have a buy to let mortgage
  • 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
  • You're not bankrupt or in an Individual Voluntary Arrangement (IVA)
  • You’ve paid all your monthly mortgage payments in the last 12 months
  • Your ground rent/service charge hasn’t been paid from your The Mortgage Works account in the last 12 months
  • You or a member of your family isn’t living in your property
  • You have at least 70 years remaining on the lease (leasehold properties only)
  • Your loan to value is below 80%
  • Your limited company account was opened after 2011
  • You live and work in the UK for at least 6 months per year.

Things to consider 

  • 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 by a maximum of 10 years at any one time
  • 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.

Apply

Pay the valuation fee

Your property will need to be valued. You can pay for this over the phone by Debit or Credit Card.

The cost of the valuation is based on the value of your property. If you’re close to the end of your term, you will have received a letter from us which tells you the cost.

To find out how much your valuation will cost, make a payment, or find out about alternative payment options, please call us on 0345 606 40 60.

Sign the application form

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

Send your application

Post your signed application form to:

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

Download application form

Term extension form

What's next

  • Once we've received your application form and valuation fee, we'll assess your application. There may be occasions when we will request additional information to support your application
  • We'll instruct an independent full on-site valuation on the property, if our initial assessment is successful
  • 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.