M
Mac80
Guest
Hi,
I have contacted my lender and asked them about the possibility of extending my mortgage term from 25Yrs to 30 or 35.
I am in the process of filling in the "Standard Financial statement" supplied by the IBRC.
I have not missed any payments and have been "overpaying" my mortgage in previous years to reduce it. The reason i want to extend the term is to reduce the monthly repayments currently €1230 a month as it is putting us under quite a lot of pressure, although we still save SOME money every month.
We have one child and another on the way.
We both have good secure secure jobs and in our early 30's.
My question is should I declare my saving on the financial statement or is the bank LESS likely to extend my mortgage if they see that I have moderate savings?
Are they more likely to extend my mortgage if they think I am closer to missing a payment?
Thanks
I have contacted my lender and asked them about the possibility of extending my mortgage term from 25Yrs to 30 or 35.
I am in the process of filling in the "Standard Financial statement" supplied by the IBRC.
I have not missed any payments and have been "overpaying" my mortgage in previous years to reduce it. The reason i want to extend the term is to reduce the monthly repayments currently €1230 a month as it is putting us under quite a lot of pressure, although we still save SOME money every month.
We have one child and another on the way.
We both have good secure secure jobs and in our early 30's.
My question is should I declare my saving on the financial statement or is the bank LESS likely to extend my mortgage if they see that I have moderate savings?
Are they more likely to extend my mortgage if they think I am closer to missing a payment?
Thanks