You don't say how old you are, how much you think your property is worth or whether the mortgage is on a buy to let or residential basis. The answer to all these questions will be relevant in assessing your options.
Cheltenham & Gloucester is fairly typical in having a maximum age it will lend to of 75 but very unusual in having a minimum mortgage term of only one year.
Therefore, assuming you have a buy to let (BTL) mortgage with C & G, or if it is a residential mortgage you have obtained "permission to let", it may consider extending your mortgage term if you are under the age of 74. However, if you are expecting to sell the property fairly soon you need to watch out for onerous early repayment charges (ERCs) and ideally obtain a mortgage with no ERCs.
An alternative would be a remortgage to a lender with a more sensible maximum age. Providing the rental income exceeds the mortgage payments by at least 25% it is possible to obtain a buy-to-let mortgage up to the age of 90, but most lenders require you to have a minimum income - either provided by earnings or your pension. Again, depending on when you expect to sell the property, a deal with either no or only short term ERCs may be sensible.
Refinancing your mortgage may well be possible but, as I have outlined above, there are many things to consider and so I recommend you consult a good independent mortgage broker.
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