Costs for extending mortgage by 10 years

Hi,

I have a 25 year mortgage that has 15 years left on it.  I have been thinking of extending it by 10 years to lower the monthly mortgage payments.

Has anyone done this?  Any idea of the costs and paperwork involved?

THANKS

 Is it a UK mortgage or a Spanish mortgage?  If Spanish, the renogotation fees are quite expensive.

The problem in Spain is that your mortgage terms are written into the property deeds "escritura", so it can be expensive to change this.

However, saying that, we got our mortgage changed to interest only and they didn't charge us anything or change the actual escritura. 

Best talk to your bank and see what they say.

Justin

Chicadeb

Sorry I have not read the whole post, so this may have been covered.

Why not ask the mortgage provider what you can do and what it will cost ?  At a time when the banks do not want any more property on their books they may be very helpful  !!

I got it changed to two years interest free.  I think they possibly would have accepted a longer period but that was all I asked for.

And ask I had to!  They didn't offer anything so this is truly a "if you don't ask you don't get" type of scenario.

Best of luck with it.

Justin

varies from bank to bank and depends to some extent on mortgage deed.

Drop in and discuss with manager and see what they come with ....

Thanks for your comments everyone.

I'll pop in to see my bank.  They haven't been helpful in the past so that's why I wanted to know if others have done it so I can go in and mention this and have a bit more backup.

Cheers

 Expenses related to enlarging the repayment period of your mortgage are as follows:

• Notary: 150 €

• Registrar: 50 €

• Gestoría: 100 - 150 €