Should we extend our mortgage term?

Hi,
We are considering extending our existing mortgage term from 10 out to 20-25 yrs to take pressure off. Can we pay extra direct to our loan account to reduce balance if we have extra cash ? Will we face any penalty if we pay this off early ?Is it difficult to reduce term again if things improve?

Is it the norm to be paying your mortgage until your sixties???If we can stick out our existing term our house would be paid for in our early fifties-Don't know what to do but things are tight and so uncertain.

I think somebody was on the radio talking about this during the week. From what I remember he said they charge ya good few quid to do this.

Best that you visit the bank and ask what the options are...and more important the cost impact...there is an online mortgage calculator..try search for karl jeacle and that calculator should help give you an idea of extra cost due to extending the term

If you can extend mortgage with the bank, and have a variable interest rate then you would be able to pay lump sums back in to reduce the term again..