Extend Mortgage Term

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Extend Mortgage Term

Ian Middlemass explains how extending a mortgage term works.

Why would someone want to extend their mortgage term?

We get a lot of enquiries from clients about this. Obviously, if you’re extending your mortgage term, you’ve got a mortgage already. People might want to remortgage because they want to borrow more money, or they want to move to a bigger house and they extend the term then. Or it might be to meet affordability, and make the payments a little bit lower.

At the end of last year we had quite an increase in mortgage rates. People are starting to feel the pinch, which is why enquiries have been driven so high recently. The cost of living has increased, and people’s energy bills have increased threefold or more. The cost of diesel, petrol and food… everything has gone up.

If you’re like me, you’ve probably cut back on things. I’m quite conscious about the electricity that I use, and I’ve reduced how much I put the heating on. People are more conscious about the food that they waste. So everyone is doing a bit.

I’m used to finding people a new mortgage deal where the monthly payments are lower because rates have gone down. Now, I’m delivering bad news, in that payments are going up. A lot of the time it’s not just £50, it’s £200 or £300. On top of the utility bills, food, everything I just mentioned before, people are struggling.

For any mortgage we always do a budget planner in terms of how much people can afford. If you’re going to extend we’ll treat it like a new mortgage, and make sure that you’re doing the right thing – because it’s going to have an effect on other areas.

But yes, it’s possible. It depends on the lender’s criteria, and you don’t want to extend the mortgage term into your pension age. You need to keep it manageable.

How does extending my mortgage term affect my repayments?

Extending is always going to make those repayments cheaper. But the interest element is always going to be the same. So if you extend the term, it’s going to take you longer to pay the loan off as you are reducing the capital by a smaller amount each month.

How long can you extend a mortgage term?

A number of factors would dictate this, including the age of the client and how far they are away from retirement. Some lenders can take you up to a 40 year term. It’s all about doing that budget plan. I wouldn’t want someone to extend my mortgage term because I wanted more money to spend on nights out.

Like any mortgage that we arrange we will do a budget planner and look at how much you spend on things. We will look at that and what would be the best for your budget.

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Is it hard to get a mortgage extension?

It isn’t difficult. In the past we’ve said to people that because their rates have gone down, they are saving money, so let’s reduce the term. If they’re happy paying £600 a month, we can keep the payment the same and reduce the length of the mortgage.

Now, it’s the flip side. The mortgage payment is going up by quite a bit, so we can lower that by extending the term. Again, as long as it fits that lender’s criteria, it’s fine.

Is it worth extending a mortgage term?

I’d only extend it if it’s really necessary. It’s not a good idea if you just want more money for takeaways and going out. It’s all about affordability. If you are struggling or think your new mortgage payment is too much, then we can extend the term to bring those payments down.

How can a mortgage broker like Pia Financial Solutions help?

It’s definitely worth speaking to a professional mortgage advisor. The lender you have your mortgage with might not give you the option to extend your mortgage term. We will do a proper budget planner to see if there are other savings we can make.

We go over your budget and how much you spend. Can we save money on your insurance or your bills? Are there other ways to save money before we look at extending the mortgage?


Pia Financial Solutions is a trading name of Pia Financial Services Limited which is an Appointed Representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Approved by the Openwork Partnership on 21st March 2023.