View Full Version : Changing my mortgage to interest-only or extending mortgage by an extra 10 years?

10-19-2011, 10:49 PM

I bought my apt in 2002 (25 year mortgage) and have 16 years left to pay. I'm 38. I have frozen the mortgage 3 times over the past 10 years, each time for a 12-month period and the third frozen period is still in effect until I start paying again from 1st April 2012. I've just received information on the amount I'll be paying from 1st April and wondered if there were additional options to reduce that amount by either asking if I could change to interest-only or extending the mortgage by 10 years. My long-term plan is to sell the apt. I've tried to sell it but unless I drop the price even more (which would be at a loss) I don't think it will sell in the current market. I'd prefer to wait to sell it at a better time and try to come to an agreement with my bank to keep my monthly costs low.

My bank is not very approachable nor helpful and always try to reject any requests I have. With my history (as above) could I be a candidate for interest-only or extension? I have always paid on time and been a good customer. Also, what would the costs be for changing to interest-only or extension. I noticed that up until 2010 the notary costs were free for extension. Is this still valid?

Thank you very much.

11-24-2011, 05:24 PM

The best option is to try and negotiate an interest only mortgage, and an expert solicitor will be able to help you in this case. I am afraid that you will have to pay the Notary fees.

Please feel free to e-mail us through our website´s contact form if you wish to discuss further.