100K homeowner loan, possible?

monkeysnail

Hi everyone. Please help me.

We own a property valued at £640,000. Purchased last April for £595,000. Mortgage balance is £468,000.

We have Loans of 30K, 25K, and 20K. The monthly payment for this is £1100.

No defaults or CCJs.

We would like to borrow 100K for new kitchen and pay-off all the loans above. Do you think a lender will be able to help us do this?

Please recommend brokers or lenders that are good.

Thanks.

Rafter

Possible but why wouldn't you remortgage to get the lowest rate?

Someone like FirstPlus could lend you that much but at something like 7.9% APR whereas a mortgage should be 5.5%-6.5% typical (following any discount period)

R.

monkeysnail

because of £15K redemption penalty

foot_loose

u get a flexable advance from the bank u r with. ie use the equity in your house.