mortgage term increase

alwaysworried_2

Hi. My DH and I have our mortgage with Santander. our fixed rate came to an end at the beginning of July. we shopped around to see who would give us the best deal. As it turns out Santander gave us the best deal, so we took out another 5 year deal with them, but we reduced the term of ourmortgage from 20 years down to just over 9 years.

Today, I have heard that I may be getting made redundant. So I'm just trying to work out our finances to make sure we can get by until I Get another job. To do this, I would need to increase my mortgage term back up to the original term of 20 years. Is this something Santander would allow me to do?
I don't want to call them to enqure incase is backfires on me for some reason (probably me panicking hence the name lol).

Cheers

ACG

They may charge you an admin fee to extend the term and if it goes past retirement age they may ask for info on how you can afford it post reitrement (ie pensions etc) otherwise it shouldnt be too much an issue.

Gary123456790

Hi,

There is no fee for a term change with Santander.

I just increased mine from 6.5 to 10 years as my Mrs is not going back to work after maternity leave finished.

It take a couple of months to get the paperwork sent back and it all sorted at their end so it wont be instant.

Best of luck,

Gary.