Mortgage Term Help

the4horsemen

Evening all,

I wonder if anyone could give me a bit of advice please regarding remortgaging and remaining term.

I recently completed on my first house and chose a 2 year fixed term mortgage. The mortgage was sorted in March but because the purchase and completion was delayed I didn't make my first payment until this month.

My current mortgage although a 2 year term runs out in March 2016 as that is when the product ends. Therefore I will have only paid off 20 months instead of the original 24. My question is - because I will in effect have 18 years and 4 months left on my mortgage will I then have to either apply for a 19 year mortgage and pay a little less per month but take another year to pay it off or opt for an 18 year mortgage and pay a little more due to the excess 4 months?

The ultimate solution I suppose is to make overpayments by March 2016 to the value of what I would have paid in the missing 4 months and therefore return me to square 1

kingstreet

When the current product ends, you'll have a redemption figure and you can then go for whatever term is affordable to you at that time which ensures the mortgage is repaid before retirement.

If you go back to your existing lender for a customer retention product, it will simply take the remaining term of your current mortgage and what its computer thinks your home is worth at that time.

getmore4less

Your product does not end it just moves to a new rate for the rest of the term..

You won't have to change. you might want to.

Mortgages can be for any length not just full years