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Mortgage question
waterman3
Posts: 469 Forumite
I've got a repayment mortgage with HBOS and just wondered if I went to the bank and said, "I'd like to increase my mortgage term in order to reduce my monthly repayment amount".
Is that something that you can do? I'm not in any financial difficulty, i just wondered if you could do that?
Cheers
Is that something that you can do? I'm not in any financial difficulty, i just wondered if you could do that?
Cheers
0
Comments
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depends on your circumstances
you will end up paying more interest, I guess you are well aware of that.
but from a bank's point of view - for example, you are 50, with 10 years left on your mortgage and you walk in and ask to shift it to 20.... you can expect a no thank you.0 -
Yeah, i realise i will pay more interest in the long term. I'm in my mid-30s with 10 years remaining so I might give it a go and see what they say!0
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The lender will perform a credit check on you to ascertain your current circumstances.0
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