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mortgages

  • 07-04-2009 10:01am
    #1
    jimzy
    Registered Users, Registered Users 2 Posts: 193 ✭✭


    Hey I am in a fixed rate mortgage at the moment... does anyone know if in a fixed rate mortgage the term (or the number of years the mortgage is spread over) can be extended ?

    I realise the interest rate obviously cannot change but can the number of years?

    (maybe i should be asking my mortgage guys, but they just seem to want me to buy extra life insurance or payment protection everytime i contact them..)


Comments

  • #2
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭Sully


    Ill move this to a more suitable forum as this is for discussion related to the South East region :)


  • #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    I've never heard of them extending a fixed rate. Unfortunately, your best bet is contacting your mortgage provider, just tell them you aren't interested in extra life cover ;)


  • #4
    RebelRebel
    Registered Users, Registered Users 2 Posts: 127 ✭✭RebelRebel


    In short, No. A fixed term rate is exactly that. It is a rate based on the lenders expectation of where the rate will be over that period (no of years). So increasing the number of years will have an impact on the rate based on the banks expectation.

    Essentially they will have theoretically covered the lending to you in the market for the same period. So its not simply a case of extending the number of years at the same rate.

    YOur bank may be able to offer other options to meet your needs though.


  • #5
    Acer2009
    Closed Accounts Posts: 6 ✭Acer2009


    Don''t want to dis agree but I will any way.. Although you can't extend the term of your fixed rate (even if you could it wouldnt make a difference) but you should be able to extend the term of your mortgage (depending on your existing term - max 35/40yrs) which will reduce your monthly repayments. Take note though that this will increase the total amount you pay back over the duration of the mortgage.

    Ask your bank what they can do..


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