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changing mortgage terms??!! HELP!!
pneking
Posts: 14 Forumite
hi,
im in need of some advice about length of loan terms on a mortgage.
i am thinking of taking a mortgage over 35 years then reducing the term to say 25 years at a later date when we`ve got ourselves sorted. we are looking at a 5 year capped at 6.34% (currently at 6.14%).
what i need to know is:
is there any penalty for changing term during the 5 year deal?
is there any penalty for changing term when looking at the end of the year deal?
sorry if its a bit jumbled, but thats how my head is at the moment!
cheers
stuart
im in need of some advice about length of loan terms on a mortgage.
i am thinking of taking a mortgage over 35 years then reducing the term to say 25 years at a later date when we`ve got ourselves sorted. we are looking at a 5 year capped at 6.34% (currently at 6.14%).
what i need to know is:
is there any penalty for changing term during the 5 year deal?
is there any penalty for changing term when looking at the end of the year deal?
sorry if its a bit jumbled, but thats how my head is at the moment!
cheers
stuart
0
Comments
-
Some lenders will impose an admin fee on you for the work involved in changing the term of your mortgage. You should ask the lender how much it will cost you although they should tell you anyway when you receive your mortgage offer.0
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