Mortgage re-adjustment

the-island-man

Hi,

Currently I think my mortgage repayment is too high. The interest is the lowest possible variable rate on the market. We are comfortably able to pay it at the moment but planning for these uncertain times.

Just wondering how it works if you want to extend the mortgage term in order to lower the monthly repayments? Is this allowed?

Smee_Again

You’d have to reapply for a new mortgage in order to do that.

Can you not reduce the monthly amount by fixing for a period?

the-island-man

Thanks for your reply. I can reduce the repayments by about €100 by fixing it but I was hoping for a larger reduction.

When you say reapply for a new mortgage, would this be allowed during a "switcher" application?

Smee_Again

the-island-man wrote: »

Thanks for your reply. I can reduce the repayments by about €100 by fixing it but I was hoping for a larger reduction.

When you say reapply for a new mortgage, would this be allowed during a "switcher" application?

Yes, if you reapply to your existing or a new bank you’ll be able to select a new longer term which will reduce the payments.