Extending mortgage term - what will they ask?

edinburgher

I thought I'd use my break to pick your brains, hopefully someone will be in a position to comment.

We currently have a 17 year mortgage term with W0olwich. There is a strong chance that our income will drop in a few months and I would like to extend the term while we are still earning our current salaries.

A few questions:

• Is increasing the term unusual?
• Are requests to increase the term typically granted when all financial circumstances remain the same as when the mortgage was first extended?
• What level of detail will I be expected to provide as regards why we wish to extend the term?
• Is the fact that this is a relatively new mortgage (c. late April 2014) likely to prejudice the lender's decision?

amnblog

They will re-underwrite the case if the mortgage is on your home as the regulator will expect them to.

Thrugelmir

edinburgher wrote: »

We currently have a 17 year mortgage term with W0olwich. There is a strong chance that our income will drop in a few months and I would like to extend the term while we are still earning our current salaries.

Then better to be honest. Otherwise there'll be suspicion as to your motives.