Your mortgage term is up — what now?
If you’re approaching the end of your mortgage term, it’s important to know what happens next. Whether you’re on a repayment mortgage or interest-only, the end of your deal could come with financial decisions you can’t ignore.
🏁 End of a Repayment Mortgage
With a repayment mortgage, you’ll have paid off the loan in full by the end of the term. That means:
✅ No more monthly payments
✅ You fully own your home
✅ Your lender will confirm your account is settled
There’s no need to take action unless you’re remortgaging for home improvements or releasing equity — in which case, you’ll need a new mortgage application.
🧾 End of an Interest-Only Mortgage
Interest-only mortgages are a different story. You’ve only paid the interest — not the loan itself. When your term ends, the original mortgage amount becomes due in full.
Your options:
- Use savings or investments to repay the balance
- Remortgage (if you’re eligible)
- Sell the property to pay off the loan
- Discuss an extension or repayment plan with your lender
If you don’t have a repayment vehicle ready, speak to a broker immediately — leaving it too late could risk repossession.
🧠 Don’t Confuse the End of a Fixed Rate With the End of the Mortgage
Many people confuse the end of a fixed-rate deal with the end of their mortgage. They’re not the same. When your fixed term ends, you’ll usually move onto the lender’s Standard Variable Rate (SVR) — which often means higher payments.
You can remortgage to a better deal before that happens.
🚨 Avoid Sleepwalking into a Problem
If your mortgage is ending soon — especially if it’s interest-only — don’t bury your head in the sand. The earlier you speak to a broker, the more options you’ll have.
💬 Let’s Talk Before Your Term Ends
Not sure what to do when your mortgage ends? I’ll explain your options in plain English and help you plan your next step.
✅ Review your mortgage status
✅ Explore repayment or remortgage routes
✅ Get a strategy in place before time runs out
Speak to a specialist today – Enquire Here