Hi,
I am currently attempting to go through the process of switching mortgage. The amount involved isn't huge (€72,000). I had got a letter of offer for a variable mortgage over 10 years. Shortly after I had filled in the application I got married and my wife moved in with me. When filling out the Letter of Offer my wife filled out a declaration so that the bank would have charge over the property if I stopped paying the mortgage (Family Home Delcaration). The mortgage is just in my name. She is not paying towards the mortgage.
When I sent bank the loan offer they decided that it had to be re-assessed because of my wife. Now they have offered me the same amount over 20 years.
I'm assuming I can overpay and pay if off in 10 years as I originally wished to (its a variable mortgage)? There are no consequences of having a longer term?
Thanks,
D
I am currently attempting to go through the process of switching mortgage. The amount involved isn't huge (€72,000). I had got a letter of offer for a variable mortgage over 10 years. Shortly after I had filled in the application I got married and my wife moved in with me. When filling out the Letter of Offer my wife filled out a declaration so that the bank would have charge over the property if I stopped paying the mortgage (Family Home Delcaration). The mortgage is just in my name. She is not paying towards the mortgage.
When I sent bank the loan offer they decided that it had to be re-assessed because of my wife. Now they have offered me the same amount over 20 years.
I'm assuming I can overpay and pay if off in 10 years as I originally wished to (its a variable mortgage)? There are no consequences of having a longer term?
Thanks,
D