When you remortgage with a different bank do they ask/ know what length your current mortgage is?
We are due to remortgage in a few months and we are thinking of lengthening the term just for security reasons but I'm concerned the it will put the bank off us. Has anyone any experience of how the bank reacts to such requests? Or anyone work for a bank?
Basically we don't have a massive mortgage we could have actually borrowed twice what we did. Even on just one salary we could technically afford the payment and bills
However like many we have had a crap year in terms of job security. DH was made redundant but has thankfully found another job. My job is at risk. It has completely shuck me up. It's made me account for every possibility like if we were both out of a job etc.
I just feel even though it looks like we could easily afford our mortgage. I just want to feel secure. I have looked at the mortgage calculators and worked out if we extend our term by 5 years it would reduce our payment enough that even if the worst should happen we could afford the payment. Obviously that is the last thing I want.
My plan is to do this and then make overpayments to the same amount we normally pay (it wouldn't take us over the 10%). So that it won't take us longer to pay off the mortgage. It would just feel like security blanket I suppose.