Long Term Remortgages
If the thought of repaying a remortgage debt for the rest of your adult and elderly life does not negatively effect you, then you might be the right person for a long term remortgage.
What are Long Term Remortgages
A Long Term Remortgage is a standard remortgage solution that extends the debt and repayment period over a far greater period of time, often to extremes like 50 years.
With an increased retirement ages becoming all too common it may make sense for some applicants to consider increasing the term of their remortgage. But before they agree on a long term remortgage we would ask them to picture themselves still burdened with a mortgage when they reach their retirement age.
Advantages of Long Term Remortgages
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A long-term remortgage can increase the applicants affordability in the short term
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The borrower can purchase a larger property
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Remortgage Repayments may be lower
Disadvantages of Long Term Remortgages
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A long-term remortgage can increase the applicants chances of failing to repay the entire debt earlier in retirement.
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As the term is greater the level of remortgage interest that accrues is subsequently greater than a traditional remortgage