extending current mortgage term on 1 income

northern_lass

we have a mortgage through lloyds tsb which has just under 19 years to pay, we've never missed a payment and have just finished a payment holiday as we'd over paid for a year. we're going through a financial sticky patch and only have one income, although not a huge monthly pay check we could cover the mortgage and live off savings until things improve however we were wondering if it would be possible to extend the term of our mortgage term to either 25 or even 30 years to take our monthly outgoings down further. anyone have any experience of lloyds and this situation? we have no outstanding debt, credit cards, loans etc and no bad credit history

HappyMJ

northern_lass wrote: »

we have a mortgage through lloyds tsb which has just under 19 years to pay, we've never missed a payment and have just finished a payment holiday as we'd over paid for a year. we're going through a financial sticky patch and only have one income, although not a huge monthly pay check we could cover the mortgage and live off savings until things improve however we were wondering if it would be possible to extend the term of our mortgage term to either 25 or even 30 years to take our monthly outgoings down further. anyone have any experience of lloyds and this situation?

You should be able to extend the repayment date until your expected retirement date. Extending a 19 year mortgage to 25 years isn't really going to save a huge amount in the short term but costs a lot more in the long term. Have you considered cutting other expenses first? If you have unsecured debt you can reduce your payments on them before trying to renegotiate with your mortgage provider.

ACG

You could also look at what deals they have available?
Tieing in to a new deal might not be ideal if your expecting the sticky situation to last as you may be forced to sell and pay early repayment charges but if you can extend the term and get on a lower rate it might have more of an impact in getting your repayments down.