Extending the term?

yellowbean

Is it easy to extend the term (so you pay less each month) when doing a mortgage rate switch with the same bank when your fix term expires? Is extending the term going to trigger all the things you need to do for remortgaging, e.g. valuation, affordability check, legal, etc.? Or is this not necessary due to you staying with the same bank? I'm particularly interested to know re. Barclays but happy to know what other bank does too. Thanks!

london21

Should be straightforward.

Would not trigger full application again if staying with the same lender but current age, retirement age etc all play a part as well. 

yellowbean

Thanks @london21! Sorry for coming back to this thread late.

For anyone who would like to know the outcome - so I've now actually asked Barclays that question and unfortunately to extend mortgage term (regardless of age/duration/term) is considered a material change to the mortgage and would require a new application with affordability assessment, etc....which is a bit silly really when extending the term would make monthly payment smaller!

london21

yellowbean said:

Thanks @london21! Sorry for coming back to this thread late.

For anyone who would like to know the outcome - so I've now actually asked Barclays that question and unfortunately to extend mortgage term (regardless of age/duration/term) is considered a material change to the mortgage and would require a new application with affordability assessment, etc....which is a bit silly really when extending the term would make monthly payment smaller!

Good to know. Different banks might do things differently but the current economy will make banks more careful generally.