Switching To New Mortgage Deal Due To Increased Cost Of Living...

[DEESMITH1970]

We have £114,000 left on our Mortgage. House value £320,00 with 9 years remaining. Finding it a struggle lately with household bills increasing, teenagers etc. Hubby is 55 I am 46. Retirement for hubby is looking to be 67 at least. Thinking of switching mortgage deal to extend mortgage over 12 or 13 years instead of 9 years to make monthly payments more affordable. It works out about £400 per month less. I think hubby will have to provide proof of his pension (which is very good). I will obviously still work until retirement age. Good idea or not ? I am very anxious about it. Should I be ?

[anneasquith]

I'm no expert on financial issues, but sounds sensible to me.

[ladybirder]

If that really helps your situation do it. Your best bet would be to speak to whoever you have your mortgage with at the moment. They may well just extend your mortgage for you without the need for the extra costs of valuations and fees etc. I heard on the radio this morning that Nationwide and Halifax are both extending their lending well into retirement as people are requesting it and doing exactly what you are thinking of doing. Hope it all works out for you.

[rockyracoon]

I think it's a very sensible idea. If you can live with the extra 3 or 4 years on the mortgage and have a financially less stressful time during it, then it's got to be good. Sometimes you have to make decisions based on your circumstances of today, not what they might be in the future.

[Gavmacp]

No point worrying about it! There are a lot of mortgage advisors out there to help you. Seems sensible to me.

[DEESMITH1970]

Thanks everybody. Got a new mortgage deal £300 less per month.