Extending mortgage term

Yellowmatress

I think I know the answer but does re-extending a mortgage term back up to 25yrs from our remaining 18 count as remortgaging? We have £91k mortgage of which £80k has 8 yrs to run on a a 10 yr fix (and associated ERPs)?
Our income has been diminished by about a half due to redundancy and we are just able to manage the monthly repayments but are in a vulnerable position of having nothing 'spare.'
Would the mortgage company (YBS) invoke their ERPs for such a change?

Thanks

beecher2

No but it is up to your lender whether they allow you to extend the mortgage again so phone them up and see.

VIGILANT22

Have a read on the ybs web site

http://www.ybs.co.uk/mortgages/guides/repaying/repayment_problems.html