mortgage

tisha

We have 4 years left on our mortgage, and are in the process of changing from one lender to another, as our discount has come to an end, why is it that lenders only lend if you have 5 years or more, would it be ok if we were to say we have 5 left, then get a discount for 2 then move it again.

herbiesjp

You can indeed re-mortgage for 5 years if you want - the term of the mortgage is down to you (within lender criteria).

You could do that, but you would need to re-mortgage over 5 years again probably, so if you continue to do that - you will never finish the mortgage.

Best to find a good deal now that could take you to the end.

Joe_Bloggs

How much is the mortgage for ? What lender are you with. Who decides how long your mortgage is for? What interest rates are involved. How much did you pay? What are your mortgage redeption costs ?
It helps to have all the facts to even suggest a way forward that saves you money.
J_B.

jnd

If you are on a repayment mortgage then why not take the mortgage over the 5 years but make overpayments (if you are allowed without penalty) as if you are paying over 4.
If you are on an interest only mortgage you could do the same and pay off the mortgage in year 4. That is, as long as the terms of your mortgage allow you.

Fairdo_2

You could also Remortgage on the 5 year basis and a few months down the line, ask to reduce the term to 4 years.

Be careful to check the Administration costs with different lenders to do this.