Extending the term of your mortgage

If you are experiencing difficulties making your mortgage repayments, your lender may be willing to extend the term of your mortgage. This would reduce the amount you pay back every month. But as the term of your mortgage will be longer, you will pay more interest over the life of the loan.

For example, if you have a €200,000 mortgage with an APRC of 4% and 20 years left to run, your monthly repayment would be about €1,200. However, if you extended the term to 25 years, you would repay about €1,050 a month, reducing your monthly outgoings by about €150. However, over the life of the mortgage, this will cost you an extra €25,000 in interest. Use our mortgage calculator to see how it would affect your mortgage.

Extending the term of your mortgage may ease your cash flow difficulties for a time, and you may be able to reduce the term again in the future when your financial position improves.