{"id":1274,"date":"2015-10-22T13:00:03","date_gmt":"2015-10-22T06:00:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-want-to-extend-the-terms-of-our-interest-only-mortgage\/"},"modified":"2016-01-12T20:59:05","modified_gmt":"2016-01-12T13:59:05","slug":"we-want-to-extend-the-terms-of-our-interest-only-mortgage","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-want-to-extend-the-terms-of-our-interest-only-mortgage\/","title":{"rendered":"We want to extend the terms of our interest-only mortgage"},"content":{"rendered":"


\nWe have a reduced income but there is equity in our home and my husband is a beneficiary for his mother\u2019s London propertyQ My husband and I want to extend the term of our mortgage from the current five years from now up to 10 years. This is to enable us to stay put in London until our daughter has completed her education. However, this means we will both be in our early 60s and we already earn less now than when the mortgage was originally agreed. We owe \u00a3210,000 on a flexible mortgage and currently pay interest only. We have a large potential equity in the home and intend to sell at the end of the mortgage term and move out of London. My husband is also one of two named beneficiaries for his mother\u2019s London home. At its current value this would clear the outstanding loan we owe. Given the equity in our own home and the inheritance but with a reduced income, how likely would it be that we could extend our mortgage term and would be able to continue to pay interest only? SMA It\u2019s not totally clear whether your husband\u2019s inheritance from his mother\u2019s house is actual or potential. If it is actual \u2013 and so the house could be sold to raise cash \u2013 you could pay off your mortgage entirely instead of extending it. Continue reading…
\n
\nSource : theguardian.com
\nRead more…We want to extend the terms of our interest-only mortgage<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We have a reduced income but there is equity in our home and my husband...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-1274","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ky","jetpack-related-posts":[{"id":113433,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-we-take-out-the-maximum-help-to-buy-equity-loan\/","url_meta":{"origin":1274,"position":0},"title":"Should we take out the maximum help-to-buy equity loan?","date":"January 6, 2020","format":false,"excerpt":"\r A reader looking to buy a property in London seeks advice on whether or not to go with a higher mortgageQ My partner and I are looking to buy a property in London using the help-to-buy scheme, which means we can pay a deposit of as little as 5%\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93891,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/im-65-and-my-interest-only-mortgage-is-ending-what-can-i-do\/","url_meta":{"origin":1274,"position":1},"title":"I'm 65 and my interest-only mortgage is ending \u2013 what can I do?","date":"July 16, 2018","format":false,"excerpt":"\r I still owe \u00a3112,000 and I want to stay in my house, not sell up to pay it off Q I\u2019m 65 and single and still work part time earning \u00a323,000 a year (\u00a31,560 monthly) on top of my private pension of \u00a3550 and state pension of \u00a3700 (both\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3409,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/london-help-to-buy-verdict-on-the-first-mortgage-rates\/","url_meta":{"origin":1274,"position":2},"title":"London Help to Buy: verdict on the first mortgage rates","date":"February 2, 2016","format":false,"excerpt":"\r The new London Help to Buy equity scheme launched yesterday: Telegraph Money provides an analysis of the rates released so far\r \r Source : telegraph.co.uk\r Read more...London Help to Buy: verdict on the first mortgage rates","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116475,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/equity-release-debt-is-growing-can-i-apply-for-mortgage-holiday\/","url_meta":{"origin":1274,"position":3},"title":"Equity release debt is growing \u2013 can I apply for mortgage holiday?","date":"May 18, 2020","format":false,"excerpt":"\r Reader thwarted by lockdown from selling mother\u2019s home to pay for her care home costsQ My mother took out a lifetime mortgage for equity release in 2011. The amount borrowed was nearly \u00a3100,000 (about half the value of her home at that time) at a rate of interest of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49803,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/corsair-capital-to-buy-third-of-london-country\/","url_meta":{"origin":1274,"position":4},"title":"Corsair Capital to buy third of London & Country","date":"March 27, 2017","format":false,"excerpt":"\r Private equity interest in mortgage broker is vote of confidence in UK housing market\r \r Source : ft.com\r Read more...Corsair Capital to buy third of London & Country","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44430,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/one-in-four-uk-retirees-burdened-by-unpaid-mortgage-or-other-debts\/","url_meta":{"origin":1274,"position":5},"title":"One in four UK retirees burdened by unpaid mortgage or other debts","date":"February 17, 2017","format":false,"excerpt":"\r Numbers retiring in debt in 2017 is highest for seven years with nearly 40% still owing payments for debts such as interest-only mortgagesOne in four people planning to retire this year will still have a mortgage or other debts to pay off and will typically owe about \u00a324,000, according\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1274"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=1274"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/1274\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=1274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=1274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=1274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}