Allpartied
Registered User
- Messages
- 499
A quick query on extending the term of a solvent mortgage. Fully paid, on time, without any arrears.
I have 65000 Euros left on a 160k,20 year mortgage, with just over 6 years to go. It's a joint mortgage with my wife. Our current net salary per month is around 5000 Euros, which can fluctuate a little, up or down.
Current payment is 940 per month, fixed 3.5% until Jan 2020. ( Ulster Bank)
We have four children, all aged close together, who are about to start college. Let's assume they all want to go to third level. Expenses in Ireland for each child is approx, 8000 Euros per annum.
For several years we will have three in college at the same time, so expenses will be very high.
I would like to extend the mortgage to the maximum possible, ( i am 53, wife is 50) and reduce the mortgage payment during the college years to increase the cash flow.
We have some savings ( about 30k), but this will drain fairly quickly, so reducing the monthly mortgage by 500 euros would help to get us through this period.
Has anyone had any experience of extending the mortgage term, without arrears, to deal with expected cash flow issues? What is the maximum age a mortgage can be extended to for two public sector workers?
I have 65000 Euros left on a 160k,20 year mortgage, with just over 6 years to go. It's a joint mortgage with my wife. Our current net salary per month is around 5000 Euros, which can fluctuate a little, up or down.
Current payment is 940 per month, fixed 3.5% until Jan 2020. ( Ulster Bank)
We have four children, all aged close together, who are about to start college. Let's assume they all want to go to third level. Expenses in Ireland for each child is approx, 8000 Euros per annum.
For several years we will have three in college at the same time, so expenses will be very high.
I would like to extend the mortgage to the maximum possible, ( i am 53, wife is 50) and reduce the mortgage payment during the college years to increase the cash flow.
We have some savings ( about 30k), but this will drain fairly quickly, so reducing the monthly mortgage by 500 euros would help to get us through this period.
Has anyone had any experience of extending the mortgage term, without arrears, to deal with expected cash flow issues? What is the maximum age a mortgage can be extended to for two public sector workers?