Lookingforadvic
Registered User
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- 33
Hi all,
Looking for advice on what the negative implications might be if we ask our bank to extend the term of our commercial mortgage (they have refused verbally a switch mortgage from commercial mortgage rate 5% to private dwelling mortgage with rate 2.6% already), in order to take some pressure off myself and husband.
Thinking of requesting extension from 6 years left to 12/15 years.
Up to now we have AAA rating with ICB ( not that this means anything to our bank of 30 years!). I expect that our rating with ICB will reduce greatly but thinking .... so what..it hasn't helped us to refinance anyway, so if our rating suffers, what impact will it really have on us into the future..
Would welcome any advice, observations..
Looking for advice on what the negative implications might be if we ask our bank to extend the term of our commercial mortgage (they have refused verbally a switch mortgage from commercial mortgage rate 5% to private dwelling mortgage with rate 2.6% already), in order to take some pressure off myself and husband.
Thinking of requesting extension from 6 years left to 12/15 years.
Up to now we have AAA rating with ICB ( not that this means anything to our bank of 30 years!). I expect that our rating with ICB will reduce greatly but thinking .... so what..it hasn't helped us to refinance anyway, so if our rating suffers, what impact will it really have on us into the future..
Would welcome any advice, observations..