Can I extend my mortgage for a another year at age 65?

We took out an endowment mortgage 15 years ago. The endowment was a total flop so we cashed it in, claimed compensation (which we received) and paid off most of our mortgage using our savings 2 years ago. There is an outstanding balance of £5200 to be paid by November 30 2012 when I am 65. We have saved (or will have by November) a total of £4200. This leaves us about a £1000 short. Would my lender agree to extending the repayment date by a year to allow us to save the extra £1000. We are both retired now but could manage this as we have reasonable private pensions, my wife is already on her state pension and I get mine in November.

I know I will have to ask the lender (Santander) but Felt I would like an informed view before I did so.

Thanks

Asked by tdroberts1

1 Answer

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Answered by webuyhouses
Ask the lender. If they say no, call back later and ask again. You'll probably get someone different every time and one of them will say yes.

My guess is that they will say yes. Why wouldn't they. Taking you through the courts will cost them more than £1000 so it wouldn't be worth it for them. | 08.04.12 @ 20:46
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$commenter.renderDisplayableName() — {comment} | 09.25.17 @ 13:10
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