How are you repaying your current mortgage? You'll either be repaying interest-only or you'll have a repayment mortgage.

Repayment mortgage
With a repayment mortgage, your monthly payments cover the interest on the loan and also gradually pay off the whole amount you have borrowed. If you make all the payments agreed with us, the whole loan will be repaid by the end of your chosen term.

Interest–only mortgage
With an interest-only mortgage, your monthly payments only cover the interest on the loan. They do not pay off any of the amount you have borrowed. This must be paid off at the end of the mortgage term. If you have an interest-only mortgage, you should arrange a suitable way to pay off the capital sum borrowed at the end of the mortgage term (such as a pension or endowment).