Mortgage Offer Change

Lu_equi

Hi - if someone could advise please.
We have received our mortgage offer however we have since worked out that we can afford more each month and would like to change this to a shorter mortgage term , is this possible and if so is this a simple process?. Our broker said he will just contact the lender and request this .


Will it go from the beginning again?


Thank you

hounsehunterftb

I suppose you can just do over-payments on your mortgage can you not? We are in the same situation and we believe we can perhaps afford more. So we have decided to keep the duration the same but instead make over-payments as possible (each month)

amnblog

Provided the lender also believes you can afford a shorter term this is a simple operation but will probably take a few days.

Lu_equi

Hi
Thank you both for your replies.
Personally we would rather shorten our term as the amount for 25 years we can comfortably afford , somehow we thought we had to have 35 years ! ....don't know why but we did.
If we was to keep it at 35 years then decide to overpay we may get lapse and think actually lets not overpay this month and go treat ourselves and not budget our money accordingly. (Our will power might fail us ):rotfl:


Thanks again both.