In this brief guide, we are going to discuss how to get a Halifax mortgage extension.

Why you may need a Halifax mortgage extension?

There are various reasons why you may need a Halifax mortgage extension. We have discussed some of those reasons below:

Cut down your monthly mortgage repayments

You may want to cut down your monthly mortgage repayments and extending your mortgage term may be one of the ways to do this.

You should know that increasing your mortgage term will likely increase the total cost of mortgage interest on your mortgage.

To borrow more

You may also want a Halifax mortgage extension as you want to borrow more on your Halifax mortgage and need more time to pay off the additional borrowing.

You may want to borrow more on your Halifax mortgage to fund home improvements, home renovations etc

To buy time

If you are on a Halifax interest-only mortgage and your mortgage is about to expire but you do not have the capital required to pay off the capital borrowed at the beginning of your mortgage then you may want to extend your Halifax mortgage in order to gain more time in which to make the necessary arrangements to generate the capital required to pay off your Halifax mortgage.

It is worth saying that if you begin to feel like you may not have sufficient capital to repay your Halifax interest-only mortgage then you may want to consider speaking to Halifax immediately.

How to get a Halifax mortgage extension

To get a Halifax mortgage extension you should contact Halifax mortgages and make it clear that you require  Halifax mortgage extension.

To get a Halifax mortgage extension you will still need to pass Halifax’s mortgage affordability checks.

This means you will need to show that you are able to afford the mortgage over the new term in which you want to extend the mortgage till.

Halifax will likely carry ut a credit score and history check to ensure you are creditworthy and you may need to provide further supporting documents as well as fill in a mortgage application form in order to receive a mortgage offer.

If you are worried on how your credit score and history may affect your ability to get a mortgage then you may want to check your credit score.

When you get a Halifax mortgage extension this could be a change made to the terms of your mortgage or it could indeed be a remortgage.

This means you will get a new mortgage which pays off your current mortgage but it will have an extended-term than your current mortgage.

Alternatives to a Halifax mortgage extension

Depending on what you need a Halifax mortgage extension for you may be able to use other means of credit such as a home improvement loan or a personal loan to fund any borrowing you need.

It is worth speaking with a mortgage broker to understand your mortgage options completely.

Use a mortgage broker for your Halifax mortgage extension

You may want to consider using an independent mortgage broker to get a mortgage.

Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.

This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. 

This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your mortgage is indeed a possibility before you make a full mortgage application. 

Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month.

It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.

Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.

They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.

In this brief guide, we discussed how to get a Halifax mortgage extension.

If you have any questions or comments please let us know.

If you are in need of advice about your money and you live in the UK then you may contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.