Options available to you

From planning ahead, to fixing your mortgage rate or making additional payments. Our guides below offer advice on what your options are.

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If you have any questions, our team will be happy to help.

Find out what options are available to you if you are worried about base rate changes.

Check your mortgage regularly to ensure it’s still the most suitable for you. You should review the

Repayment type

  • A repayment mortgage will repay interest accrued each month and a portion of your capital, and your balance will reduce over time, to zero at the end of your term, so long as all payments have been met.
  • With interest only mortgages, you are only repaying the interested charged each month, and so the balance of your mortgage is still outstanding. This means you will require a method of repaying the capital at the end of the mortgage. You should review this yearly, at least, to ensure it is still on track to meet your needs. Please seek advice if you are concerned you may not be able to repay your mortgage in full at the required time. There are options available to you if your repayment plan is not performing as expected, including making over payments, switching to a repayment mortgage and extending the term of your mortgage. An adviser can guide you to make the right decision.

Repayment term

  • The term of the mortgage may have been recommended, dependant on a life event (eg retirement) or your budget. It may be that your situation has changed, for example you may wish to retire earlier or later, or that income (and hence budget) has increased or decreased since starting your mortgage. Therefore it may be advisable to review the term of your mortgage.
  • The shorter the term you select, the less interest you will pay in total. A reduction of just a year or two can start to make a significant difference in this total, while only increasing your payments marginally. However, it is important that you take into consideration potential rate rises, and do not over commit yourself.
  • Other options are available to help you reduce the term of your mortgage – for example, making over payments which you can make monthly or on an ad hoc basis, potentially giving you more freedom to manage your expenditure in an emergency, change of situation or if costs rise.

Interest rate

  • As market conditions change, mortgage rates in the market can fluctuate . What seemed like the best deal when you bought your house may now appear to be less attractive. Before re-mortgaging for a lower rate, the cost to transfer your mortgage should be considered – eg early repayment changes (which can apply during the initial phase of the mortgage), Solicitors and valuation fees, any product fees with a new provider and mortgage adviser/brokerage fees.
  • Rates can also vary depending on the type of mortgage applied for – for example for customers with smaller deposits, for customers with specialist mortgage needs and for certain products (such a longer term fixed rates) can often come with at a premium. Therefore, you should re-visit the reasons for being recommended your initial mortgage, but if any of these situations are improved, this may help you achieve a more competitive rate.


Product type

  • Aldermore offers a range of products, from fixed, discounted and variable rates. 

To discuss your current mortgage, a loyalty rate or additional lending please call 0333 321 1000.

If you would like the peace of mind that your interest rate won’t change for a set period of time, even if the Bank of England Base Rate or Aldermore Managed Rate increase you may want to switch to a fixed rate mortgage. Call us on 0333 321 1000.  

There may be an early repayment charge if we agree to transfer all or part of your loan to a new product during the initial offer period. You should check your mortgage offer or latest mortgage statement for details of any early repayment charges you may have to pay, but our team will be happy to discuss your options also.

You may want to consider making overpayments on your mortgage while the Base Rate is low. This will reduce the balance you owe on your mortgage and the amount of interest we will charge on your account. It could also reduce the impact of future interest rate increases on your mortgage payments because we calculate your monthly payments using your current mortgage balance. This means your monthly payment will be less than if you had not made any additional payments, or alternatively you may be able to repay your mortgage earlier than planned.

You can make overpayments of up to £5,000 in any 12 months during your offer rate period, and unlimited overpayments after this time. Click here for details of how to make ad hoc or regular payments

Free independent advice

If you’re concerned about how future interest rates changes could impact you and your ability to pay your mortgage payments, there is help available. It is advisable to speak to your lender at the earliest possible stage if you are facing financial difficulties. Aldermore’s team are here to support and help you during difficult times. Please call 01733 821 388 to speak to our team. You can also contact the organisations below for free, independent and confidential advice:

  • Personal
  • Mortgages
  • Personal Mortgages