Mortgage advice

Huntsman43

I re-mortgaged before the credit crunch in order to release funds for home improvements. I have a repayment mortgage on a variable rate. Due to unforseen circumstances i had to use a lot of the money for something else and so haven't begun any home improvements yet.
The money i have left in sitting in a separate account.
I thought it best to leave it there and then apply for additional funds to complete the work when things improve, but someone else advised me that it would be better to put that money back into the mortgage, go ahead and do the improvements and then re-apply for a larger amount to cover the home improvement costs.
But that worries me, what if i do that and then can't get any money from the bank because of the current situation?
I'd be grateful for any advice on what is the best thing to do?

EVERTON_2

Just coming to the end of my fixed rate with the Abbey i havnt got a clue bout mortgages my ex husband used to sort it all out, i have just been on phone to Abbey who said the can give me a mortgage at a rate of 6.39% fixed for 10 yrs. Can someone please help me and give me advice if this is a ok deal

Gorgeous_George

Ideally this would be 2 diffrent threads.

Huntsman43. Unless there is lots of equity in your house you would be better to save for the home improvements.

Everton. Without the outstanding mortgage amount, house value and current SVR, it is impossible to make a suggestion. Start a new thread and post more info.

GG

Dan_1976

Huntsman, if you need more money ask thelender, make sure you can afford it and its worth doing. Also dont pay it back in case you cant get any more. But if you decide to leave the project long term, put it back!

Everton please dont hijack threads!

BYALPHAINDIA

EVERTON wrote: »

Just coming to the end of my fixed rate with the Abbey i havnt got a clue bout mortgages my ex husband used to sort it all out, i have just been on phone to Abbey who said the can give me a mortgage at a rate of 6.39% fixed for 10 yrs. Can someone please help me and give me advice if this is a ok deal

It could be ok, Are you sure it's 10 years fixed?

Most lenders only do 5 years.

It depends on the amount you want to borrow on 6.39%

A fixed rate is obviously better, So you know what your paying each month.

Don't tell them (Abbey) you don't know anything about mortgages, As you could be 'Easy Prey' to a hungry salesman!!

Best Of Luck.

EVERTON_2

Firstly i would just like to take this opportunity to let Dan know that i havnt been on this forum or anyother forum before and dont know how threads work.....

But to the other kind people who answered my appeal !!! i would like to thank you for your time.

Further information is as follows i am looking for £65,000 over 20yrs and it is defo fixed for 10yrs the current value of my house is £180,000 thanks to anyone who can help