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Need to repay your interest only mortgage?

We can help you unlock your options when your interest only mortgage (IOM) ends.

Call us now.

  • 0808 1686 719
  • Monday to Friday 9am to 5pm

We help homeowners understand their options

Get in touch with us if:

  • Your mortgage term has ended or is ending soon
  • You still owe money but cannot pay

We can:

  • Give impartial advice
  • Help you understand your options
  • Make sure you have the confidence to make informed choices

How we help homeowners

  1. We help you find out what your current mortgage provider can offer you
  2. We figure out your options
  3. We search the market to find a good fit for you

This might include:

Residential mortgages

This is when you remortgage to a different provider.

  • You get a longer mortgage term
  • You have to repay it in the future
  • This gives you time to figure out your long-term plans

Learn more about residential mortgages.

Equity release

This is when you take out some of the value of your house.

  • This is a loan you repay when you sell your home
  • It is designed for people in or near retirement
  • How much you can borrow is based on age and property value, not affordability

You pay it back in either:

  • Monthly repayments, or
  • A lump sum repayment when your house sells

Read more about equity release.

Retirement mortgages

This is mortgage you take out in retirement.

  • It is a loan against your house
  • It lasts until you leave the property
  • Could allow you access to lower interest rates and greater flexibility
  • Subject to affordability

Learn more about retirement mortgages.

When you come to us

  1. We talk you through the benefits and risks of solutions so you can make an informed choice
  2. We discuss all the options so you can make the right decision for you
  3. We help you explore other options if there are no suitable solutions

Our advisors are salaried with no sales targets, bonuses or commission.

This creates a safe space where you can know the recommendations are right for you.

These solutions are not for everyone. We will look at all your options.

Jacqueline on Feefo says:

"Can't fault the service."

"StepChange helped me to secure a mortgage and from the very start they were helpful and professional and followed the procedure right through to completion."

Get help like Jacqueline

We have helped hundreds of people repay their interest only mortgage

Often the lenders refer customers to us for help.

Read one of our client stories

Why choose us?

  • Unbiased: Our advisors are paid a salary. There are no sales targets, bonuses, or commissions. The advice you receive is always in your best interests
  • Trustworthy: We have 10 years of proven trusted service on Feefo
  • Award-winning: We have won many awards for our service over the years

Important things to know

Any residential mortgage or equity release solution could impact you.

  • Releasing equity may affect your tax position
  • Releasing equity may affect your entitlement to certain benefits
  • Releasing equity reduces the value of your estate
    • This affects how much inheritance you leave
  • Future property prices may be higher or lower than they are today
    • This could change the value of your home
  • Your home may be repossessed if you do not keep up with payments
    • This applies to residential & retirement mortgages only

Here are a few things to ask

  • Would downsizing to a smaller property be better for you?
  • Do you need to secure other debts against your home?
  • Do you understand the features and risks of any plan?

Ask for a "personalised illustration" to understand the benefits and risks.

Ready to find out more?

We can help you unlock your options as a homeowner

What if I do not need to repay my interest only mortgage yet?

This is good news. You have time to act.

Try to make a plan as soon as you can. There are often more options the earlier you take action.

There may be reasons you want to wait until your mortgage needs to be repaid. There are other things you can do if this is the case.

1. Start making plans to repay the mortgage

  • Try to pay off what you can even if you cannot pay the whole amount
  • It gives you more options and can help you get another mortgage if you need it

2. Look at your budget

  • Paying back your mortgage should be a top priority
  • Keep this is mind when making spending decisions
  • Try to put some money towards your mortgage each month

Need help making a budget?

What should I do if I can pay extra?

You have a few choices.

1. Switch your mortgage to a repayment mortgage

The means your payments cover:

  • The interest and
  • The amounts to repay the mortgage

This option repays the balance by the end of the term.

It increases your monthly payments the most.

Use this mortgage calculator from MoneyHelper to see what your payments might be.

You need to know:

  • How much you owe
  • The interest rate you are paying
  • How long you have left on the mortgage

2. Switch your mortgage to a repayment mortgage and increase the term

Switching to a repayment mortgage is not always the best option. Like if you only have a few years left on your mortgage.

Ask your lender to increase the term of the mortgage.

This means:

  • You pay the mortgage back over a longer period
  • You pay more interest in total

Ask your lender how much more the interest would be.

3. Switch some of your mortgage to a repayment mortgage

You can switch part of your mortgage to a repayment mortgage to:

  • Keep monthly costs down
  • Repay some of the money you owe - though not all

This costs less than switch all the mortgage to repayment.

At the end, you repay the amount left on interest only.


Switching your mortgage changes your contract.

Make sure you can keep up with higher payments.

If you cannot make increased payments:

  • You could go into arrears
  • Your home could be repossessed

4. Make overpayments

Most lenders let you pay extra to your mortgage.

  • This is not a change to your mortgage
  • You can stop or lower the extra payments at any time

There could be some charges if you are in a deal or have a fixed rate.

Ask your lender how much extra you can pay without charges.

Is it better to put extra money in a savings account until I repay the mortgage?

Putting the money into a savings account is an option.

The benefits of this include:

  • Having money if you need it in an emergency
  • Being able to stop payments any time

But there are also some downsides:

  • This can cost more than paying it towards your mortgage
    • The interest on your mortgage is often higher than interest on savings
  • It can be easy to stop saving or use the money for something else
    • This could stop you repaying your mortgage

StepChange Financial Solutions are not a lender. We find products that suit your needs.

This service is available throughout the UK.

Debt happens. We deal with it.

We have helped millions of people since 1993.

Find out how.

"Amazing Support!"

"They are unbelievably good at helping you out. Very understanding, non-judgmental and offer you a varied range of solutions possible. I would urge anyone who's experiencing financial difficulties to get in touch with them before going to any firm that charges for the same service."

Atta, Feefo Review

StepChange Financial Solutions is a registered trading name of Consumer Credit Counselling Service (Equity Release) Ltd, a wholly owned subsidiary of StepChange Debt Charity. Authorised and regulated by the Financial Conduct Authority. FCA reg. no. 517674