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  • FIRST POST
    • Sareteegee
    • By Sareteegee 4th Mar 18, 6:20 PM
    • 11Posts
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    Sareteegee
    Shortening term after 2 years
    • #1
    • 4th Mar 18, 6:20 PM
    Shortening term after 2 years 4th Mar 18 at 6:20 PM
    Hello,

    We are looking to get a mortgage over 35 years which is fixed for 2 years. After this 2 year period, would we be able to reduce the term to 25 years instead?

    Thanks in advance!
Page 1
    • YHM
    • By YHM 4th Mar 18, 6:22 PM
    • 516 Posts
    • 194 Thanks
    YHM
    • #2
    • 4th Mar 18, 6:22 PM
    • #2
    • 4th Mar 18, 6:22 PM
    Yes, absolutely.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • kingstreet
    • By kingstreet 4th Mar 18, 6:26 PM
    • 33,399 Posts
    • 18,088 Thanks
    kingstreet
    • #3
    • 4th Mar 18, 6:26 PM
    • #3
    • 4th Mar 18, 6:26 PM
    Yes, or to achieve the same outcome, make voluntary overpayments of the difference between the two terms and not be stuck with making contractually higher payments if in some months you would feel uncomfortable in doing so.
    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. Please do not send PMs asking for one-to-one-advice, or representation.
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