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  • FIRST POST
    • marliepanda
    • By marliepanda 29th Nov 17, 10:07 AM
    • 4,891Posts
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    marliepanda
    Remortgage with a loan on file?
    • #1
    • 29th Nov 17, 10:07 AM
    Remortgage with a loan on file? 29th Nov 17 at 10:07 AM
    Apologies as I am very new to mortgages, having had one for only a month!


    However, I am looking to do some home improvements on the house, garage roof has a bad leak, some windows need replacing and general decorating. I am looking at borrowing 10k at 2.9%, so roughly £900 interest over the term of 6 years.


    Our mortgage is fixed for 2 years, so obviously will still have 4 years on a loan to run at £150 a month (so £75 each). Is this something that will prevent us mortgaging at a good rate? (were currently on 80% LTV)
    Survey Earnings 2017 - £163
Page 1
    • kingstreet
    • By kingstreet 29th Nov 17, 10:28 AM
    • 32,391 Posts
    • 17,394 Thanks
    kingstreet
    • #2
    • 29th Nov 17, 10:28 AM
    • #2
    • 29th Nov 17, 10:28 AM
    No way of knowing your affordability position in x years' time.

    Customer retention product from existing lender probably free of income/status checks.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • marliepanda
    • By marliepanda 29th Nov 17, 10:38 AM
    • 4,891 Posts
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    marliepanda
    • #3
    • 29th Nov 17, 10:38 AM
    • #3
    • 29th Nov 17, 10:38 AM
    Oh totally agree, we could have lost our jobs and gambled all our money away!

    Your point RE customer retention, do they not tend to credit check for those types of things? I am with Santander. Im not planning on running up a shed load of debt, however I dont want to lend a bit of money to do up a house which I might lose because I can't get a mortgage on it in 2 years time. I'm probably being naive.
    Survey Earnings 2017 - £163
    • LuSiVe
    • By LuSiVe 29th Nov 17, 10:51 AM
    • 806 Posts
    • 1,080 Thanks
    LuSiVe
    • #4
    • 29th Nov 17, 10:51 AM
    • #4
    • 29th Nov 17, 10:51 AM
    You still have a mortgage in 2 years time. It just might not be at the best interest rate.
    • kingstreet
    • By kingstreet 29th Nov 17, 11:11 AM
    • 32,391 Posts
    • 17,394 Thanks
    kingstreet
    • #5
    • 29th Nov 17, 11:11 AM
    • #5
    • 29th Nov 17, 11:11 AM
    Your point RE customer retention, do they not tend to credit check for those types of things? I am with Santander. Im not planning on running up a shed load of debt, however I dont want to lend a bit of money to do up a house which I might lose because I can't get a mortgage on it in 2 years time. I'm probably being naive.
    Originally posted by marliepanda
    Customer retention product from existing lender probably free of income/status/credit checks.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • fewcloudy
    • By fewcloudy 29th Nov 17, 3:23 PM
    • 173 Posts
    • 84 Thanks
    fewcloudy
    • #6
    • 29th Nov 17, 3:23 PM
    • #6
    • 29th Nov 17, 3:23 PM
    Oh totally agree, we could have lost our jobs and gambled all our money away!

    Your point RE customer retention, do they not tend to credit check for those types of things? I am with Santander. Im not planning on running up a shed load of debt, however I dont want to lend a bit of money to do up a house which I might lose because I can't get a mortgage on it in 2 years time. I'm probably being naive.
    Originally posted by marliepanda

    It's not that you won't have a mortgage in 2 years because of a loan. But you might find yourself on the standard variable rate that you automatically move on to if you do nothing at the end of your fixed rate deal. Or you may be in a much better situation if your house has risen in value in those 2 years.
    As you are an existing customer then they will likely offer you an existing customer product, so you will not have to apply for it afresh and be credit checked in the way that you do when you are new to them.
    Feb 2008, 20year tracker with Sprogget and Sylvester, 0.5% + base for 2 years, then 0.99% + base for life of mortgage. Kudos to my mortgage broker...
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