I’m looking for some guidance before speaking to my lender. I shortened the term on our mortgage three years ago, times were good and we were overpaying the mortgage anyway. Since then I have gone self employed and my other half was self employed for a while before getting another job. He ran up some credit card debt that he’s now paying off. He has a well paid job but is committed to paying off the cards and whilst my business is going well it’s not predictable from month to month.
Our mortgage payments are high and we’d like to consider extending the term to lower them give us some breathing space.
My business is less than 12 months though and due to the credit cards I don’t think we’d even get this mortgage now if we were applying new. I’m worried about flagging this to the lender and if we should just stay struggling on for now. Will it go against us if we ask to extend the term?