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Can I Increase My Mortgage Term
SIMWO88
Posts: 1 Newbie
Hi,
My husband and I purchased our first home on a 2 year fixed term mortgage. We currently pay £1100 a month and the term is 24 years. The fixed term is due to expire in December. We have recently had a baby and are exploring the possibility of me not going back to work, so is it possible for us to increase the mortgage term so that we pay a lower monthly figure? We were first time buyers so not very clued up, any help would be appreciated. Thank you in advance
My husband and I purchased our first home on a 2 year fixed term mortgage. We currently pay £1100 a month and the term is 24 years. The fixed term is due to expire in December. We have recently had a baby and are exploring the possibility of me not going back to work, so is it possible for us to increase the mortgage term so that we pay a lower monthly figure? We were first time buyers so not very clued up, any help would be appreciated. Thank you in advance
0
Comments
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There is potential yes.
You can speak to your current lender, another lender or a broker.
Have a mess around on some affordability calculators using what your new income will be and see how it goes.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
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