You can apply to extend the term of your mortgage so that you repay the loan amount over a longer period of time and as a result you pay less each month.
You have the option to revert back to your original mortgage term within the first 6 months or alternatively keep to the revised term.
There is no need for an affordability assessment as long as the term is not extended beyond your anticipated date of retirement or age 70, whichever is sooner.
Your credit score won’t be impacted by this change.
If the repayment method of your mortgage is currently on either a repayment (capital and interest) or part and part basis you can apply to temporarily switch your mortgage to an interest only repayment method for 6 months. As you won’t be paying off the capital on your mortgage during this period, you’ll see a reduction in your monthly payment but your mortgage balance will remain the same.
After the 6 month period your mortgage will revert to the repayment type you were originally on but your monthly payments will increase.
There is no need for an affordability assessment and your credit score won’t be impacted by this change.