Bank forcing us to extend term to secure remortgage

ACG

Payments may be lower now but what happens when rates start to increase? Thats what they are assessing you against now.

Theyre not forcing you to extend the term, they are saying thats the only way they will lend you what you want. You have 2 options, extend the term or dont.

I dont see the issue, if your not happy ask the broker to find you a new lender.

Thrugelmir

Kerryblues wrote: »

Am I worrying unnecessarily?

Under regulatory guidance lenders assess affordability at 7.5% interest rates.

How manageable would that be?

Don't be sucked in by events of recent years. At some point the tide will turn.

Kerryblues

Thanks for your responses.
I really just wanted to ensure I fully understood the differences between the two options and the majority of the replies on here have helped me with that.