Term extension FAQs
• The client(s) will need financial advice if any named client on the mortgage policy will l be retired at the end of the mortgage term. We may insist on financial advice outside of this, depending on personal circumstances.
• You’ll need to ensure that you’re registered with us through our Hodge Broker Portal
• You’ll need to send us a completed application form which you can find below
• The completed forms need to be sent to us at [email protected]
• We’ll need to do an affordability assessment which will include reviewing the client(s) chosen repayment vehicle, if applicable. We’ll let you know if there are any supporting documents we need to see after the initial affordability review
• Once we’ve verified your client(s) ability to repay the mortgage, we’ll need an up-to-date valuation report if the repayment strategy entails selling their property. We may need a valuer to visit the property
• We’ll review the valuation report to assess the property and its current value
• If the valuation report is acceptable and no further action is needed, we can extend the mortgage term
• A solicitor may be needed if during assessment further searches are required regarding the land of the property. Hodge will instruct our solicitor to carry out these searches at no additional cost to the client.
• Once we receive the application form and fees, it takes around two months to complete the term extension. It will also be dependent upon how quickly we receive an updated valuation of the property
• We may ask for additional information so we can assess your client(s) affordability.
• Your client will need to pay our administration costs of extending the mortgage term once the extension has been confirmed. You can find those fees in our Tariff of Charges document below
• We’ll need a valuation of the property, If the property value is below £1m, the valuation is free, if it’s over £1m a fee will apply.
