Looking to extend mortgage term with woolwich why so hard ?

njc123

Hi we are looking to extend our mortgage by ten years but I have waited two weeks for a form to arrive to apply to do this and they want to know the ins and outs of a ducks !!! why I am looking to extend not shorten why do they need to check our income I don't get it? Any ideas tia

getmore4less

Many people want to extend because they are struggling.

Either finances are tight and/or they have reprioritised the mortgage lower down the spend list.

Funny_old_game

Barclays revealed their MMR procedures recently and you are now in that process of tighter controls and affordable lending. In a nice way tough, you'll get this with more or less every lender now.

amnblog

This is why it is 'so hard'

http://fshandbook.info/FS/html/FCA/MCOB

Gilberty

Hi I just extended my Mortgage with the Woolwich over the phone. But I was also changing from an interest only to a repayment Mortgage. Maybe that made it easier.

njc123

Yes thats the reason we are extending as fed up of not having any spare money every month extending by 10 years would give us £300 extra per month thats interesting gilberty that is what i wax expecting to do to be honest just a quick call and have it all done :mad:

getmore4less

Gilberty wrote: »

Hi I just extended my Mortgage with the Woolwich over the phone. But I was also changing from an interest only to a repayment Mortgage. Maybe that made it easier.

That will be increasing the payment even if you go to very long term not a sign you have financial issues and going to repayment is going to be seen as a set to pay off the debt directly.

Extending term reduces a repayment so a warning sign without good reason

Thrugelmir

njc123 wrote: »

Yes thats the reason we are extending as fed up of not having any spare money every month extending by 10 years would give us £300 extra per month thats interesting gilberty that is what i wax expecting to do to be honest just a quick call and have it all done :mad:

And as interest rates rise all that extra cash in your pocket will be whittled away.