Landmark Mortgages - do they grant term extensions

lonestarfan

AnotherJoe wrote: »

An explanation of what ???

They can't explain why their website says they don't do extensions but the adviser on the phone says they do.

lonestarfan

Update - I wasn't able to get an extension with Landmark. They rang me frequently to say the Underwriter hadn't yet made a decision on my case. This went on and on. I complained. I got no where. I ended up remortgaging.

minimike2

Rosenhaus wrote: »

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.
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It is also worth noting that an arrangement to pay is very different to a term extension.

The website now says this:

"Following nationalisation, NRAM is closed to new lending and we cannot normally extend your existing mortgage term. This means that you will need to ensure you are in a position to pay off your loan in full at this point time. Although this date could seem a long way off, the steps you take now could make a big difference to your options in the future."

So it seems they have changed the stance from "not doing it" to "only doing it in exceptional cases.

It also appears now that they in fact WILL do new lending in VERY EXCEPTIONAL cases (contrary to the previous working on the website), so must be fully licensed up - appears to be a change from before although not sure if the website was up to date at the time of the OP. I am yet to hear of a single case where new funds have been granted though. I imagine it would be in cases where it is to fund essential and urgent property maintenance, in order to protect the asset, where the borrower is unable to remortgage elsewhere due to adverse credit or similar.