Can I reduce my monthly repayments without switching mortgages?

If you need to pay less every month on your mortgage but would prefer not to switch your mortgage lender - then you should try talking to your lender to see if they will agree new terms. This will basically mean setting up a new mortgage contract, because the only way to decrease your payments will be a new interest rate structure and/or extending the length of the mortgage.

Whether they will agree to this will depend on your age, your income and the length of your original mortgage. If you are going to reach retirement age near the end of your existing mortgage term, then the lender may not be keen on renegotiating or if your mortgage was already on a 30-year term, you won't be able to extend it any further.

However, all is not lost. Switching mortgage providers is really simple and to ensure the best deal it's probably the best option. Then you could make the most of discounted introductory rates making your monthly payments lower for a while and then you could always switch again if you wanted to!