Extending or reducing the term of your mortgage

Extending your term

Extending the term of your mortgage means that you’ll pay back your mortgage over a longer period of time. Use the calculator to get an indication of how this will affect your mortgage.

Reducing your term

If you only need to extend your term temporarily, you’ll have the option to change it back again without having to make a further application, meaning no additional affordability checks.

Use the calculator to get an indication of how this will affect your mortgage.

Remember, you must apply to reduce your term within 6 months of extending it.

Things to consider

If you have more than one mortgage account, you’ll need to input the figures for each account.

Reduce your term example

Let's assume you had a mortgage term of 25 years in June 2023. You then extended it under the Charter to 30 years. Then in December 2023, you opted to reverse that extension in part or in full. The shortest term you could choose would be 24 years and 6 months. The longest term you could choose would be 29 years and 6 months. You could also choose any other term between the shortest and the longest.

Further term extension or reduction

If you're looking to extend your term beyond your planned retirement age (or age 70 if sooner), or if you are looking to reduce your term to shorter than the Charter allows you, you'll need to submit a new application. This will require a credit check and affordability assessment. You can do this by calling us on 03 456 100 173.

Our mortgage term extension and reduction calculator

• You can get the information you need to use the calculator by chatting with us through the help option in your app, or reviewing your Annual Disclosure Statement.
• The calculator assumes the interest rate will change to the current Standard Variable Rate for the remaining term left on your mortgage, after your current interest rate ends.
• If you have a lifetime tracker or standard variable rate add the same term in the 'How long is left on your loan' and 'How long is left on your current rate' fields.

The information provided by this calculator is a guide and should only be used for indicative purposes

Next Steps

For a term extension:

Call us on 03 456 100 173 and we'll be happy to help. Lines are open 8am – 8pm Monday to Saturday, and 9am – 8pm Sunday.

For a term reduction:

Step 2: Fill out the mortgage term reduction form

If you've used the mortgage repayment calculator and you've decided that you want to reduce your mortgage term you can fill out the form online to request this.

Complete the form

Step 3: We’ll check your eligibility

Once we’ve received your request, we’ll review this and confirm your eligibility.

Step 4: We’ll call you to complete your request

We’ll give you a call to discuss the term reduction and if you still wish to proceed, we’ll complete this for you and send a personalised illustration

Alternatively Call us on 0800 3898347 and we'll be happy to help. Lines are open 8am – 8pm Monday to Saturday, and 9am – 8pm Sunday.