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Remortgage term

Shopper1315
Shopper1315 Posts: 27 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
Hi all

Might be a really silly question, but when you remortgage are you able to just amend the term of the mortgage. Ie my mortgage was taken out over 35 years, so after my 2 year fixed would be 33. Can I state in my remortgage I want it to now be 30?

Comments

  • Neutrinno
    Neutrinno Posts: 310 Forumite
    Seventh Anniversary 100 Posts Name Dropper Photogenic
    Yes, provided that the term you want to adjust to is deemed as affordable with the lender.
    I am a Mortgage Broker.

    You 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.
  • Shopper1315
    Shopper1315 Posts: 27 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Great, that’s what I thought. Thank you for your quick reply.
  • MEM62
    MEM62 Posts: 5,410 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    It is a new mortgage so you can stipulate whatever term you wish - as long as the payments are affordable.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Why not keep the longer term and overpay to keep flexibility.

    Term just sets the minimum contractual payment.
This discussion has been closed.
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