Landmark Mortgages - do they grant term extensions

lonestarfan

I have a mortgage with Landmark Mortages - was NRAM. I'd like to ask them for a term extension. Has anyone got any experiences to share about success or not. Many thanks.

minimike2

Did you look on their website?

"Landmark have no current plans to return to lending and as a result are not offering further lending or term extensions."


They do not possess the correct licenses for lending and post MMR a term extension has to be assessed for affordability as any new lending would be, thus they are unable to do so.


Your alternative option is to remortgage elsewhere.

lonestarfan

minimike2 wrote: »

Did you look on their website?

"Landmark have no current plans to return to lending and as a result are not offering further lending or term extensions."


They do not possess the correct licenses for lending and post MMR a term extension has to be assessed for affordability as any new lending would be, thus they are unable to do so.


Your alternative option is to remortgage elsewhere.

Yes I did look at the website first. Thanks. That prompted me to ring Landmark. They insisted they do agree term extensions although yes of course they are based on affordability. They told me they have Underwriters and Senior underwriters who agree term extensions. I don't know if this is true or not and just wonderd if anyone has any experience to share or if I should just remortgage because they don't do term extensions. They couldn't give me an explanation as to why their website says they don't do extensions but the call handler says they do.

minimike2

lonestarfan wrote: »

Yes I did look at the website first. Thanks. That prompted me to ring Landmark. They insisted they do agree term extensions although yes of course they are based on affordability. They told me they have Underwriters and Senior underwriters who agree term extensions. I don't know if this is true or not and just wonderd if anyone has any experience to share or if I should just remortgage because they don't do term extensions. They couldn't give me an explanation as to why their website says they don't do extensions but the call handler says they do.

It would seem strange for someone on the phone to give that information out if it were not true. I haven't heard of them doing this but heard plenty of stories of customers being told they can't make any changes.

It is possible they may have recently changed their stance I suppose, which could mean the website is outdated.

Did you actually ask formally for a term extension? It would be interesting to hear what happens with this.

lonestarfan

Yes I did ask formally. They have made an arrangement for an Adviser to call me to go through it all. They said it will take at least 2 hours. The appointment is weeks away. I just wanted to see if they're wasting my time and find out if anyone had any experience of requesting one and being successful or not. I'd prefer to stay with them as otherwise it's a remortgage with the inconvenience of valuations and solicitors costs etc. Or a sale with the upheaval of removals etc.

AnotherJoe

lonestarfan wrote: »

Yes I did ask formally. They have made an arrangement for an Adviser to call me to go through it all. They said it will take at least 2 hours. The appointment is weeks away. I just wanted to see if they're wasting my time and find out if anyone had any experience of requesting one and being successful or not. I'd prefer to stay with them as otherwise it's a remortgage with the inconvenience of valuations and solicitors costs etc. Or a sale with the upheaval of removals etc.

It doesn't seem credible that they would go through all that rigmarole of interviews etc if they never give extensions, why would they bother ?

lonestarfan

I know but the fact they can't give me an explanation makes me suspicious!

Thrugelmir

lonestarfan wrote: »

I know but the fact they can't give me an explanation makes me suspicious!

As a responsible lender they'll have a duty of care to their customers. This does not mean that they are actively looking to write in effect new business over extended terms.

Are you looking to extend your mortgage term over 2, 5 or 10 years ?

AnotherJoe

lonestarfan wrote: »

I know but the fact they can't give me an explanation makes me suspicious!

An explanation of what ???

lonestarfan

Thrugelmir wrote: »

As a responsible lender they'll have a duty of care to their customers. This does not mean that they are actively looking to write in effect new business over extended terms.

Are you looking to extend your mortgage term over 2, 5 or 10 years ?

5yrs. I think it's affordable on my current salary but if not then 10 yrs. I will have enough funds in 5 yrs time to repay completely.

Rosenhaus

Can't say about Landmark, but while they were still NRAM my term was coming to an end and they agreed a 5 year arrangement for me to repay my outstanding mortgage.

I had asked for a term extension and a change to repayment from interest only, while they couldn't do that they did agree an arrangement which would enable me to achieve the same thing...my monthly payment was increased to a figure which would clear the mortgage over an additional 5 years.

My mortgage remained interest only and the term expired, but I'm now under 2 years from clearing the mortgage.

So good luck in your discussions with Landmark.

Edit: just to add this was arranged pre-MMR in Sept 13, things may have changed now.