Extending mortgage term

mustang1

I was in a real MSE mode earlier this year when I remortgaged and went from a 25 year term to a 15 year term so I could attack my mortgage. In hindsight, I should have gone for a longer term and overpaid but I didn't trust myself to make the overpayments.

Anyway, I am now struggling with the high payment I set myself. Is it as easy as phoning up the mortgage lender and asking them to change the term to a 20/25 year term? Would this affect my credit rating at all?

opinions4u

It's easy to ring them.

It shouldn't affect your credit rating.

They don't have to agree to it (although if you're under retirement age at the proposed end of term you should be fine).

They may charge a fee for it (£50 to £100).

mustang1

Thanks for the reply. I'll give them a ring in the New Year