C
confused.ie
Guest
Sorry to bother ye,
I currently have 23 years remaining on a 30 year mortgage. the TRS is ending next month.
Due to pay cuts etc, I am approaching entering into arrears, not yet though.
The only option EBS are offering at the moment is extending the term out to 34 years.
I understand that if i repay the mortgage over the 34 years I'll end up paying more interest. however If my financial situation improves I aim to reduce the term back to it ending in 23 years from now e.g 2033. the original date.
My question is even if i reduce the term back to the original 2033 end term will i still have to pay the interest based on the 34 year mortgage with a 2044 end term.
And are there any other pit falls that could be contained in this move.
Many thanks in advance.
Confused.ie
I currently have 23 years remaining on a 30 year mortgage. the TRS is ending next month.
Due to pay cuts etc, I am approaching entering into arrears, not yet though.
The only option EBS are offering at the moment is extending the term out to 34 years.
I understand that if i repay the mortgage over the 34 years I'll end up paying more interest. however If my financial situation improves I aim to reduce the term back to it ending in 23 years from now e.g 2033. the original date.
My question is even if i reduce the term back to the original 2033 end term will i still have to pay the interest based on the 34 year mortgage with a 2044 end term.
And are there any other pit falls that could be contained in this move.
Many thanks in advance.
Confused.ie