A Mortgage Extension Agreement is utilized when borrowers need to extend the term of their existing mortgage, typically due to financial circumstances or restructuring requirements. This document, governed by English and Welsh law, maintains the fundamental security structure of the original mortgage while modifying key terms such as duration, payment schedule, and potentially interest rates. It must comply with UK financial regulations, including FCA requirements and consumer protection legislation, while clearly documenting the agreed changes between lender and borrower.
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1. Parties: Identification of lender and borrower(s)
2. Background: Details of original mortgage and reason for extension
3. Definitions: Key terms used throughout the agreement
4. Extension Terms: Specific details of the mortgage extension including new term length
5. Payment Terms: Modified payment schedule and amounts
6. Security Continuation: Confirmation that original security remains in force
7. Execution: Signature blocks and execution requirements
1. Additional Borrower Covenants: Additional conditions required as part of the extension
2. Interest Rate Modifications: Changes to interest rate structure when terms are being modified
3. Property Valuation: Updated property valuation details when extension is conditional on new valuation
1. Schedule 1 - Original Mortgage Details: Copy or summary of original mortgage terms
2. Schedule 2 - Modified Payment Schedule: Detailed breakdown of new payment structure
3. Schedule 3 - Property Details: Updated property information and valuation if applicable
4. Appendix A - Consent Forms: Any required third-party consents
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