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Original poster

Mortgage: can you borrow more if its over 30 years rather than 25?

8 replies

m0therofdragons · 14/05/2017 10:22

We've found our forever home but need another 10-15k on our mortgage calculations. Currently we've gone through a broker and looked at 25 years but I'm wondering whether we could get more if we did it over 30 years as the payments are lower so affordability is improved? Due to my job having clear banding re pay I'm thinking that we could fix for 2 years on 30 year mortgage then remortgage in 2 years time reducing the number of years to pay it off then/or over pay depending on the mortgage. Or do you get the same whether it's 25 or 30?

OP posts:

onthewagonwheel · 14/05/2017 11:38

We did pretty much what you are proposing when we last moved, 5 years ago. As long as the repayments are affordable and you are young enough to take on a 30 year mortgage, I would think your mortgage provider will consider it. There's no harm in asking them. Good luck!

Original poster

m0therofdragons · 14/05/2017 11:42

right, won't give up yet. Thank you.

OP posts:

JaxingJump · 14/05/2017 20:55

I don't think so but could be wrong. I think they decided the total we were permitted and then we after decided how many years we wanted to pay it back. As far as I understand, the bank only cares about the amount they will lend, not the term you commit to.

OMGtwins · 14/05/2017 21:12

Yes you can, and can then overpay voluntarily to get it back to 25 years or less if you have a mortgage that allows it. We have a 25 year term and overpay to take it down to 19.

Trills · 14/05/2017 21:15

My mortgage (a year ago) was definitely calculated on affordability of monthly payments (and what they would be like if rates changed) not salary multiples.

KanielOutis · 14/05/2017 21:38

Would you want to take on a 30 year mortgage. It's a long time. We bought a fixer upper and by the time it's paid off, will be 18 years of repayments. That feels like long enough.

Original poster

m0therofdragons · 14/05/2017 22:24

It would only be a 30 year mortgage for the initial fixed period. Dh is expecting a pay rise (5directors have to sign it off and 3 have but it's taking ages) so we know that's coming within the next 6 months and I'm NHS on banding so know my pay will increase each year so the plan would be to over pay or reduce the term after initial fixed period. Realistically I don't intend to be paying it off in 30 years as we would be able to pay it off before, just looking at how we can get my forever home I'm in love with.

OP posts:

delilahbucket · 14/05/2017 22:26

Yes you will be able to borrow more, as long as you are young enough to take on a mortgage for that long. Ours was 34 years

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