Reducing Years On Mortgage

iammrssmith

Hi - I'm hoping I've come to the right thread.

We have just made an appointment at the bank to reduce the years on our mortgage from 35 to 25 years, we bought the house two years ago when we had only one income. Now both of us are working (we also have 3 children) so can afford to put a little more into the mortgatge. Last time despite putting down a hefty deposit and already holding a mortgage they scrutinised our credit score and said we only just qualified.

We enquired about the possibility of reducing the years and they said it would be simple but when we made the appointment they sent us a letter stating we needed bank statements, payslips - all the usual stuff you need for a mortgage application. Are they going to put us through the whole rigmarole again??

Gizmo247

If your mortgage allows over-payments then don't bother reducing the term just over-pay your mortgage when you can and when the mortgage balance gets to zero early just enjoy the remainder of the term with nothing to pay. Simples!