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Extending lenth of mortgage whilst fixed
Glamazon
Posts: 8,401 Forumite
Hi
I do need to check my mortgage documents but wondered if someone might be able to help.
Our mortgage is fixed at 4.98% until June 30th 2010 and is with Lloyds TSB Scotland. House bought for £180K, borrowed £168k over 25 years in May 2008, similar houses going for £180K (we got a bargain when we bought it
)
OH's job situation is changing but we can still just afford the repayments - just wondered if it is possible to extend the mortgage to say 35 years or do I need to wait until the fixed term is up?
Looking to reduce the monthly payments for a bit especially with LO on the way! :rolleyes:
I do need to check my mortgage documents but wondered if someone might be able to help.
Our mortgage is fixed at 4.98% until June 30th 2010 and is with Lloyds TSB Scotland. House bought for £180K, borrowed £168k over 25 years in May 2008, similar houses going for £180K (we got a bargain when we bought it
)OH's job situation is changing but we can still just afford the repayments - just wondered if it is possible to extend the mortgage to say 35 years or do I need to wait until the fixed term is up?
Looking to reduce the monthly payments for a bit especially with LO on the way! :rolleyes:
A very busy Yummy Mummy to a 1 year old gorgeous boy :smileyhea
Where does the time go? :think:
Where does the time go? :think:
0
Comments
-
The mortgage product (your fixed rate) shouldn't affect a lender's decision on the overall mortgage term.
Things like planned retirement age and reason for extending term may do.
Call them to get your answer.0 -
opinions4u wrote: »The mortgage product (your fixed rate) shouldn't affect a lender's decision on the overall mortgage term.
Things like planned retirement age and reason for extending term may do.
Call them to get your answer.
Thanks
I am 26 and OH is 27 so would hope we would be able to extend to 35 years.
Thanks againA very busy Yummy Mummy to a 1 year old gorgeous boy :smileyhea
Where does the time go? :think:0 -
Just for your information !!!
£168,000 mortgage ( fixed at 4.98% for 5 years) over 25 years cost about £980 a month !
£168,000 mortgage ( fixed at 4.98% for 5 years ) over
35 years cost about £846 a month.
So it would save you £134 a month
BUT spreading the mortgage over an extra 10 years at 4.98% would cost you an extra WAIT FOR IT
£61,000 in interest payments
After 5 years at 4.98% over 25 years you will have cleared about £20k off your mortgage
After 5 years at 4.98% over 35 years you will have
cleared about £10k off your mortgage!
Good Luck with the Baby0 -
Thanks! I know we would need to look at the total repayments and interest payments - but from what you've said there it's def not worth extending it for the sake of saving £140 a month!A very busy Yummy Mummy to a 1 year old gorgeous boy :smileyhea
Where does the time go? :think:0 -
Maybe you could extend it to 35 years for a short period and then change it back ? I know TSB offered us something similar and there was no charge for changing it and then back again0
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