Extending Mortgage Term

RyanGP

Is this a possibility to free up some cash in short term as Interest only mortgages are a thing of the past trying to find out my options.

Ryan

kingstreet

Depending on the loan to value and the lender concerned, you may still be able to change to interest-only.

However, the option to extend the term is another way of reducing your payments and lenders will normally look at such a request if you are experiencing problems. All you can do is ask them. We've no way of knowing how your request will be answered, sorry.

ACG

A lot of lenders will allow you to extend the term - so long as it still finishes prior to your retirement age.
Some may charge an admin fee others may not.

If they wont, then you can always look to remortgage away from that lender and extend the term with another lender instead.