View Full Version : Costs involved in extending mortgage by 10 years

10-16-2011, 01:32 AM

I have a 25 year mortgage that has 15 years left on it. I have been thinking of extending it by 10 years to lower the monthly mortgage payments.

Has anyone done this? Any idea of the costs and paperwork involved?


11-24-2011, 04:10 PM

I believe you are interested in a negotiation of your mortgage conditions. We recommend you to appoint an expert solicitor to carry out the approriate ctions to attempt to reduce the mortgage installment whether by re-mortgaging, conversion of the repayment to interest only, reduction of the interest rate being applied (3.5 % should be the interest payable now) or a combination of all. The acceptance by the bank implies signing a contract with the new conditions and requires that you are present, unless the solicitur acts for you with a power of attorney.

We can assist in the process so please feel free to send us more information about the case through our website´s contact form.