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Yes, it’s possible to extend your mortgage term, and many homeowners explore this option when looking to lower their monthly repayments.
Whether you’re facing changes in your income or simply want to create more room in your budget, extending the term could help ease financial pressure.
That said, it’s not always the right move for everyone. While it can make repayments more manageable in the short term, stretching the term often means paying more interest over time.
In this article, we’ll look at when extending your mortgage term might make sense, what the process involves, and what it could mean for your future plans.
Extending Your Term When Borrowing More
If you’re borrowing more through a remortgage, whether it’s for home improvements or debt consolidation, extending your mortgage term might help manage the added cost.
While lower monthly repayments can be a welcome relief, it’s worth remembering that spreading repayments over a longer period will usually mean paying more interest overall.
When using a remortgage to consolidate unsecured debts, this becomes even more important to weigh up. The monthly cost might go down, but the total cost could rise over time.
Plus, adding unsecured debts to your mortgage means they’re now secured against your home, which can carry greater risk if repayments are missed.
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When Extending Your Term Might Not Be Possible
Not every borrower will be eligible to extend their mortgage term.
A number of factors can affect this, including your age, mortgage type, and whether you’ve had any repayment issues. Each lender has their own criteria, so what’s possible with one may not be with another.
Even if extending your term isn’t an option, it doesn’t mean there aren’t other ways to ease your monthly payments.
That’s where speaking with a mortgage advisor can be valuable. They’ll take a closer look at your circumstances and explore the most suitable alternatives.
Options for Over 50s Looking to Extend Their Mortgage Term
For homeowners aged 50 and over, there are more options than ever.
Mortgage products designed for this age group include retirement interest-only mortgages, lifetime mortgages, and term-based interest-only options.
These are often built with flexibility in mind and can be tailored to your plans for the future.
Whether you’re continuing with work, expecting to retire soon, or managing your income in a different way, the right mortgage can support those choices.
Family involvement is encouraged too, especially if decisions around inheritance or long-term planning come into play.
What if You Want to Shorten the Term Instead?
Extending the term isn’t the only adjustment you can make. Some people choose to shorten their mortgage term to reduce the total interest they’ll pay and become mortgage-free sooner.
The trade-off, of course, is that monthly payments will increase, so affordability checks still apply.
Just like with extending, shortening the term depends on meeting lender criteria and finding the right deal to suit your income and budget.
Speak to Someone About Your Mortgage Term
Extending your mortgage term can be a helpful way to ease monthly costs, especially if you’re working through changes in income or planning for the years ahead.
Like most decisions tied to your mortgage, it’s worth weighing up all the options and thinking about the longer-term impact too.
At UK Moneyman, we take the time to understand what matters to you and what you’re hoping to achieve, whether that’s reducing your monthly repayments, planning for retirement, or simply finding a more manageable way forward.
Whatever your circumstances, there’s usually more than one path available, and we’re here to help you explore it.
