Swithing Changing Lenght of Mortgage Repayment

restive

I have just had my house valued at €125,000. The outstanding Mortgage on it is 75,000 giving me an LTV of 60%. I have 12 years remaining. My question is if I was to switch could I extend the repayments out to 20 Years on the 75,000. Would any bank do this?

brendan86

Switching is the same as taking out a new mortgage basically, you will have to show all your income/ability to pay and if approved no problem. But you dont need to switch to do what your saying. You can contact your bank and ask them to extend the years left on your mortgage. I cant see why they wouldnt as your LTV would be 60% so if you extend they make more interest providing you have your repayments up to date.

If they dont agree just say you will have to consider switching, But id talk to your own bank first they can extend your term also unless your reason for switching is a better interest rate

restive

Would BOI have a problem with extending?

exaisle

restive wrote: »

Would BOI have a problem with extending?

Only one way to find out. It may depend on your financial circumstances and your repayment record..

listermint

exaisle wrote: »

Only one way to find out. It may depend on your financial circumstances and your repayment record..

And age...