How to extend my mortgage

Written by stephen benham
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How to extend my mortgage
If your repayments don't measure up, extend your mortgage. (construction tape measure extended two inches image by Steve Johnson from

You’ve had a mortgage for several years and made repayments on time, but your personal finances may have changed, or perhaps you have a variable rate mortgage and interest rates have risen. You want to reduce your monthly repayments making them more affordable. The quickest way is to extend your mortgage.

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  1. 1

    Review your monthly budget carefully. Detail your income and expenditure. Calculate how much you can comfortably afford to repay when your mortgage is extended.

  2. 2

    Contact your mortgage lender before you have problems meeting the repayments (see Resources). Late or missed repayments get recorded on your credit file, making it difficult to obtain credit, and could affect your ability to extend your mortgage.

  3. 3

    Arrange to meet in person. You will get a better response from your lender. Take your budget details with you. Explain your circumstances. Tell your lender you want to extend your mortgage and reduce your monthly repayments.

  4. 4

    Check the costs that may apply. Ask whether they can be included in the extended mortgage. Costs will be subject to interest charges, if added to your mortgage. Check for other requirements.

  5. 5

    Complete the forms to extend your mortgage. You will receive approval by mail as well as your new documents to sign.

  6. 6

    Check the documents carefully. Ensure the details are correct and, most importantly, make certain the new repayments fit your budget. Sign a copy of the forms and mail to your lender. You have successfully extended your mortgage.

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