Interest only - need to extend (halifax)

Huxter34

Hi - any advice appreciated

My Halifax interest only mortgage ends in 9 years. I plan to pay this off with 25% of my pension pot when i hit the required age (more than enough to cover it comfortably). Problem is this is 5 months after my mortgage ends

I have impaired credit due to a business failure with covid and and I don’t think that will be sorted on my file by then as will be 6 years to clear then another 7 on file so remortgaging etc not an option 

would Halifax extend for this 5 month period (considering my credit position) and if so when am I best talking to them about it. Anyone had a similar situation?

 If not what are the best options?

Thanks in advance 

Huxter34

Loan value against current value of house is around 70% if that makes any difference 

dunstonh

would Halifax extend for this 5 month period (considering my credit position) and if so when am I best talking to them about it. Anyone had a similar situation?

Nearly always, yes.      Endowments and other repayment vehicles often go out of sync iwth the redemption date as people remortgage or move in different months.  So, as long as they know it is coming, they will usually allow it as long as you are not in arrears or had defaults.

Huxter34

No arrears or defaults, thank you!

dimbo61

Hopefully things are now  better and your earning ?
Can you make extra payments to reduce the debt every month ?