How to extend mortgage repayments

If you’re finding the current financial climate tough and you’d like to extend your mortgage terms in order to lower your monthly repayments, you’ll need to make sure that pushing back the final repayment on your mortgage is the right thing for you. If you’re sure that it is, or if lowering your monthly outgoings is your only options, we’ll tell you how to extend your mortgage repayments.
    getty - Christopher Furlong

Interest only

If you’re looking for a short term fix to your financial situation, you could consider interest only repayments. This obviously means that you won’t be lowering the capital owed on your property which could leave you with a headache later in life, but if your circumstances suddenly change and you want to keep hold of your property, an interest only mortgage is a good way of making that possible.

Extend your current mortgage

Extending your current mortgage will depend on exactly how long you have left on your term. The lenders biggest question will be whether you’ll be able to repay the loan back before you hit retirement age. Of course, your history with the lender and your credit rating will also come into play.


Remortgaging is another way of lowering your monthly outgoings. It will probably extend the terms of your repayment but if that’s not a problem this is a good option to consider. Be aware that you could face penalties for cancelling your current mortgage thanks to exit fees and early repayment charges but if you get a better rate, you might be able to make a gain through remortgaging.


This is another option for lowering your monthly outgoings and it’s one that might not lead to an extended mortgage term. Of course, this is only practical if your kids are leaving home or you’re happy to give up the additional space.

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