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Paying off a chunk when taking out new product?
Comments
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Britannia will do this for us. YAY and double yay. Still pondering though.
Crystal ball anyone? Fix or not fix or not fix or not? 3, 5, 10yr? all these questions in my head!!0 -
Errrrmm sounds like a great idea to me.
Are lenders generally ok with this?
It doesn't matter to lenders what the term of the mortgage is, as long as it continues to fit their criteria.
As an example, a 40 year old wanting to extend their mortgage to 30 years (bringing the redemption date to their 70th birthday) might not be acceptable.
No reason, in theory, why you can't extend your mortgage to 25 years every time you remortgage. I would imagine that the lender will be happy as you would be paying more interest in their eyes due to the longer term. (Of course you won't actually be paying more interest because you'll be happily saving/paying your overpayments).0
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