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.