Topping up Mortgage by Extending Term?

ashychitch

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Hi I am just wondering does anyone know if this is a possibility. We have 9 years left on mortgage of 90,000, house is worth about 180,000. Is it possible to say get 30,000 euro for extension without upping monthly repayments and instead extending the term.
 
What age are the borrowers and what about life cover: if u give the current interest rate and monthly payment I will run the math to see how grey the hair might be before it gets repaid
 
Not as simple as it sounds, might work but bank will probably want you to do new mortgage and you will be subject to present underwriting requirements regarding income. Just because the payments are the same doesn't mean you would automatically qualify.

If it doesn't work it might be easier to just extend the mortgage term if allowed and take a separate loan for the extra.
 
Hi I am 37 years old, husband is 40. Our current repayment is 758 a month, interest rate 4.9%, both work full time with combined annual salary of about 90,000..
 
Hi I am 37 years old, husband is 40. Our current repayment is 758 a month, interest rate 4.9%, both work full time with combined annual salary of about 90,000..

Just on the numbers, as opposed to whether the bank will buy in to the idea,
I make, based on what you have provided, the remaining term to be 13.5 years and not 9.
If you go from 90 k to 120 k to leave the repayment at 758 the term goes to c 21 years

I believe my calcs to be right so maybe check the figures as provided.
Thanks
 
You may find that a separate account will be opened with a different term of years and possibly even a different interest rate and repayment amount per month but linked to your existing mortgage. Your mortgage protection will also have to be extended. After a few years it might be possible to approach the bank and ask them to amalgamate them. Personally I would find having a separate account more flexible. You could make lump sum repayments as needs be to shorten the term or the monthly repayment.
 
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