A Mortgage Loan Extension Agreement is utilized when parties to an existing mortgage wish to modify the loan's duration or repayment terms. This document, governed by English and Welsh law, becomes necessary when borrowers require additional time to repay their mortgage, often due to financial circumstances or strategic planning. The agreement typically includes updated payment schedules, revised maturity dates, and any modified interest terms while ensuring the original security remains intact. It must comply with UK financial regulations, including FCA requirements and consumer protection laws.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Details of original mortgage, reason for extension, and current status
3. Definitions: Key terms used throughout the agreement
4. Extension Terms: Specific details of the extension including new maturity date
5. Payment Terms: Modified payment schedule and amounts
6. Interest Rate: Specification of applicable interest rate(s)
7. Security Continuation: Confirmation that original security remains in force
1. Additional Security: Required when new security or collateral is being added to the mortgage agreement
2. Change in Parties: Required when borrower or other party details have changed since the original agreement
3. Additional Borrower Covenants: New promises or obligations of the borrower when additional conditions are being imposed
1. Schedule 1 - Original Mortgage Details: Copy or summary of original mortgage terms
2. Schedule 2 - New Payment Schedule: Detailed payment schedule showing dates and amounts
3. Schedule 3 - Property Details: Description of mortgaged property
4. Appendix A - Calculation of New Terms: Detailed calculations showing revised payment amounts
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