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Can We Get A Mortgage?????
gayle_2
Posts: 5 Forumite
Hi, my partner and i paid off our mortagage a few years ago by selling off some of our garden. But i have found out im expecting our FOURTH child in july and we need to build a extra bedroom.
Will we be able to get a mortagage for this project, as ive looked into secured loans and the intrest rates are not very good. p.s were looking to borrow around 25 grand, can anyone help or have anyother ideas as to raise the money?
Will we be able to get a mortagage for this project, as ive looked into secured loans and the intrest rates are not very good. p.s were looking to borrow around 25 grand, can anyone help or have anyother ideas as to raise the money?
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Comments
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From what you say no reason whatsoever why not- plenty of people remortgage un-encumbered for stuff like holiday homes, buy-to -lets etc.
A pointer here- some lenders treat it as a re-mortgage and offer free legal, valuation etc- some don't- at £25K, this will be very likely be the way to go as any rate differential wouldn't be offset by the up-front costs.
Also might be worth looking at a drawdown scheme so that you only pay interest on the money when you have used it.
Hope this helps
SSI am a fee charging WoM Mortgage broker.I now no longer give information and opinion within the Mortgage boards, because a number of posters who, having approached me professionally, agreed my fee-which has been been made very clear at the outset, taken my advice (normally cancelling a [home visit] meeting at short notice) have then approached one of the fee-free brokers on here to arrange the very same deal I have advised.Whilst I totally concur with the ethos of "money saving"- abusing the goodwill of a professional who provides a quality service is taking it too far! :mad:0 -
As with stanmoresaver, I can't see any reason why you would not be able to get a 25k re-mortgage on your unencumbered property.
A lot will depend on your circumstances, but on the face of it the scenario looks straight forward enough.I am a Mortgage AdviserYou 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.0 -
Yep your in a great position and go for it!Abbey Loan £6,000
Tesco loan £3,000
Tesco points --- £100 worth £400 in deals for holiday! :j :T
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)0
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