Extending Mortgages

BeeKayBee

Hi all

My partner and I are considering extending our mortgage to reduce our monthly repayments. This would just help for a couple of years while we are paying for childcare etc.

Is it as simple as paying an admin fee and it's done and dusted or do you need to remortgage?

Thanks in advance...

kingstreet

You'll need to justify it to your lender and go through affordability as you would if you applied for a new mortgage.

Thrugelmir

BeeKayBee wrote: »

This would just help for a couple of years while we are paying for childcare etc.

Is the etc debt?

BeeKayBee

No, just general every day costs. When we took out our mortgage 3 years ago we didn't take into account starting a family. Now we're paying nursery costs as well as my earning dropping since returning to work part time.

We do have a couple of credit cards but only a minimal amount on both. We don't have any loans or any other outstanding debts.

We just feel that by extending our mortgage to 30 years would make life more confortable without us dipping into the overdraft each month...