How to extend a mortgage

Types of mortgage extensions and their features
A mortgage can be modified in order to extend its repayment period, increase the amount or combine both options. All of these modifications for extending a mortgage require new conditions to be established with the bank.
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Capital increase: This consists in increasing the amount of the mortgage loan, i.e. having more funds available. This will lead to the amount of the monthly instalment being increase, unless the repayment period is also extended.

Term extension: This is a request to extend the number of years to repay the loan, thus entailing a reduced monthly instalment.

Capital increase and extension of the repayment term: This combines the capital increase of the loan with the extension of the repayment period. This allows for access to new funds, adjusting the monthly instalment and the economic capacity of the debtor to repay the loan.

Requirements for extending a mortgage

These extensions need to be requested with the bank where the mortgage loan has been taken out. The bank will ask for a series of documentation/information to check the financial situation of the applicant. The Bank will approve or deny this application according to its own internal criteria.
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Extending a mortgage loan can be cheaper than requesting new funding. Nevertheless, it also entails a range of expenses, such as a notary, registration, modification fees, etc. There may also be other expenses, e.g. if a new property valuation needs to be performed, or, when relevant, taxes, such as the Stamp Duty when increasing the capital.
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