Remortgaging- extending term

[Lorelaiandrory]

Hi, so we have 10 years left on mortgage and the fixed rate has finished but I thinking that we should extend the term to 20 years. This would make the mortgage repayments manageable if DH loses job and but based on my salary we would not get the mortgage. So this is future proofing ourselves. We would overpay and hopefully after 2 years be able to go back to 8 year term.

Does this sound crazy also if we stay with the same bank do you think it is likely they will approve Ltv is 68% (110k left and 350k ish value) and we are 44

I wouldn't have thought you'd have a problem.

From the bank's point of view a longer term means you pay more interest so as long as credit wise you're ok then I dont see an issue?

Thanks, I checked the credit score today and they were both excellent. It just feels like a backward step. But if it helps me sleep at night then it will be worth it

That shouldn't be an issue. Your LTV is 32%, not 68% if there's only 110k left on the mortgage.

Thanks, I thought I might have that the wrong way round

With good credit and a 32% LTV, they'll probably let you do whatever you want.

We did something very similar a few years ago. We now have 18 years left on our mortgage but we overpay so should have paid it off in 10 if all goes to plan, if not and we need to pay the mortgage on one wage it is manageable.