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Extending the term
Summ14
Posts: 27 Forumite
Hi
Wonder if you can help....
If you extend the term of your mortgage and not borrow any extra to reduce the mortgage payments do you have to still go through the full affortabilty process and credit checks etc....
Many thanks
Wonder if you can help....
If you extend the term of your mortgage and not borrow any extra to reduce the mortgage payments do you have to still go through the full affortabilty process and credit checks etc....
Many thanks
0
Comments
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Yes.
Only time you do not need to go through the whole sh-bang is to just switch products and no changes to the actual mortgage.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you for your quick reply :-)0
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Many lenders will process an extended term without further checks as the monthly payments will fall.
However, this does vary from lender to lender, so you would need to find out from yours.
If you do this, a future request to reduce the term again will result in affordability checks being done as this will increase the monthly payments.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
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