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Remortaging to start a business
Fizzipop
Posts: 21 Forumite
Hi, advice please
We have a current interest only mortgage for £123,00 on a house valued at around £330,000. Our current deal, fixed at 3.99% ends 31/12/04. When I made tentative enquiries a couple of months ago of our current lender YBS about increasing the loan to £150,000 fund the building of a boarding cattery, we had a slightly around about the houses discussion about it not strictly being for home improvements and therefore we might need to have a separate loan at a higher rate but that if it was for home improvement we could get it at a better rate !?
We have made an appointment to see YBS in December with the aim of remortaging with them from 1/1/05. What is your advice on the reasons we should give for the purpose of the additional borrowing ??? we will have to tell them about the chanage of use anyway but obviously want the best rate they can give us which at present looks like a fixed rate of around 4.74%
Help & suggestions please
We have a current interest only mortgage for £123,00 on a house valued at around £330,000. Our current deal, fixed at 3.99% ends 31/12/04. When I made tentative enquiries a couple of months ago of our current lender YBS about increasing the loan to £150,000 fund the building of a boarding cattery, we had a slightly around about the houses discussion about it not strictly being for home improvements and therefore we might need to have a separate loan at a higher rate but that if it was for home improvement we could get it at a better rate !?
We have made an appointment to see YBS in December with the aim of remortaging with them from 1/1/05. What is your advice on the reasons we should give for the purpose of the additional borrowing ??? we will have to tell them about the chanage of use anyway but obviously want the best rate they can give us which at present looks like a fixed rate of around 4.74%
Help & suggestions please
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Comments
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As no one else answered your post I will do so now.
Tell the truth................................I have put my clock back....... Kcolc ym0
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