Mortgages Extending a Mortgage
Extending a Mortgage
If the Term for Your Mortgage or Tranche Is Expiring
Your mortgage or one of its tranches is nearly at the end of its term. When this happens, you should consider an extension. Would you like to reevaluate your mortgage situation because the circumstances of your work or life have changed, or would you like to extend it as is? Either way, your client advisor will be happy to help you, or you could extend your mortgage yourself directly online.
Plan For the Future Well before Your Term Ends
We recommend that you start looking into renewing an expiring mortgage early on. Consider how your life will change in the next few years so you can extend your mortgage optimally. You will find the date that your mortgage expires in your Online Banking account when it is time for an extension, as well as in the product agreement for your mortgage.
Integrating a Mortgage into the Overall Financial Image
Anyone reevaluating their mortgage situation – or merely extending their existing mortgage – is contemplating large amounts of financing and obligations for many years. A mortgage also needs to remain affordable in the future. As such, planning for a new mortgage strategy should be rooted in a general review of your own financial needs and options. This means that renewing or extending a mortgage is a step toward ensuring your future quality of life. This opportunity also arises when a mortgage is transferred, e.g. when real estate is purchased or inherited.
Structuring Terms According to Needs
An extension can certainly mean switching to a different mortgage model. Both the interest rate and the term are important factors for deciding. The term should be geared toward developments in your personal life over the next few years. If children are moving out, if your income has changed, or if invested funds are freed up, this should be factored into your mortgage planning. A mortgage tranche that is expiring can be split up into two or more tranches with different terms and different mortgage products. Your client advisor will also be happy to help you.
Online Mortgage Extension
At Credit Suisse, mortgages can be extended online very easily and quickly. You can see a list of your mortgages, including details, in your Online Banking account. As soon as a mortgage tranche is due for an extension, it can be fixed for up to 24 months in advance.
Once this happens, you can extend your mortgage as is for the existing amount under the current product with just a few clicks, review the current mortgage interest rate forecast for this, and contact your client advisor about your concerns directly from your Online Banking account. You can find more information about online extensions here.