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Mortgage term - what if I change my mind?
geordiepaul2001
Posts: 318 Forumite
Hi all,
On Friday I applied and was accepted for a 5 year mortgage with the Post Office.
I have also paid the valuation fee on the same day.
My question is can I ring them and ask them to change the term of the mortgage from 35 to 25 years?, or am I too late?
Paul
On Friday I applied and was accepted for a 5 year mortgage with the Post Office.
I have also paid the valuation fee on the same day.
My question is can I ring them and ask them to change the term of the mortgage from 35 to 25 years?, or am I too late?
Paul
June 2016 - Pair of Brooks Glycerin 14's
July 2016 - Annual family pass to English Heritage
August 2016 - overnight spa break with dinner and breakfast for two
September - BBQ toolbox
July 2016 - Annual family pass to English Heritage
August 2016 - overnight spa break with dinner and breakfast for two
September - BBQ toolbox
0
Comments
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Why not leave it as it is now and in five years time when you look for a new deal change the term then.£2 Coins Savings Club 2012 is £4
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NPFM 210 -
Yes, give them a call and they will amend it (subject to affordability, I'd imagine).0
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The difference per year is substantial and I was planning on 35 year and making overpayments. I may as well just take the shorter term as I will save more in the longrun.June 2016 - Pair of Brooks Glycerin 14's
July 2016 - Annual family pass to English Heritage
August 2016 - overnight spa break with dinner and breakfast for two
September - BBQ toolbox0 -
you will save a fortune by reducing term to 25 years.
£25 to change term later on if you wish to reduce it later. Hope this helps
ftp://ftp.royalmail.com/Downloads/public/ctf/po/Post_Office_Guide_to_Mortgage_Charges.pdfMortgage Start jun 2007 £88500 Outstanding Balance £51000
Overpayments 2007 Nil 2008 £1040 2009 £7853 2010 £10000 2011 aiming for £18000 (6k so far)
The Early Bird Gets the Worm, but the Second Mouse Gets the Cheese!!0 -
By reducing the term from 35 to 25 years you will save lots of interest and have paid more of the mortgage off over the 5 years and you can still overpay by 10% as well ( not sure on max overpayment on that deal )
This will mean you owe less in 5 years and may have a much better LTV and therefore get a better deal in 5 years time.
I changed my term from 22 to 10 years and it only cost me £50 fee.
GOOD LUCK0 -
geordiepaul2001 wrote: »Hi all,
On Friday I applied and was accepted for a 5 year mortgage with the Post Office.
I have also paid the valuation fee on the same day.
My question is can I ring them and ask them to change the term of the mortgage from 35 to 25 years?, or am I too late?
Paul
May I know how long did it take for your mortgage approval? Are they as quick as nationwide?0
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