I have 7 1/2 years left on my endowment mortgage. I intend to re-mortgage my property and stay with my next lender for 2 years. I will have 5 1/2 years left when I then intend to re-mortgage again.
My question is, do you think most lenders would take on a mortgage with only
5 1/2 years remaining on it?Thanks in advance. Mike
Presumably you have an interest only mortgage, so to an extent the term doesn't actually matter that much. If you took a 10 year mortgage *with no penalties for repaying it early* you could simply pay it off/reduce the balance when your endowment policy matures.
Laura.
Most likely you have an endowment policy and an interest only mortgage, rather than an endowment mortgage. So the term doesnt really matter for an interest only, just set the shortest one they do, might be 5 or 10 years but since you are apparently getting one thats 2 years now, it might be 2 years.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.