loan against mortgage

suzana

Hi, can someone give me some advice here? I owe £57,000 to the Abbey on a property worth around £150-160,000, with about 17 years left to pay. I would like to borrow about £10,000 pounds against this. What are my chances of doing this considering the Abbey will probably turn me down? Are there any other options? I would appreciate any guidance, thanks,
Suz

feisty1

suzana: Why would Abbey turn you down?

suzana

Hi Feisty,
It is a buy to let mortgage and I am non-resident in the UK. I also don't have much income. I believe Abbey are very reluctant to lend at the moment. Is there any hope?
Suz

feisty1

No harm in asking them, u will have more chance there as anywhere else

CLAPTON

if you don't have much income, how do you intend to repay the loan?

feisty1

clapton:it is a buy to let they are looking to raise money on

suzana

Hope this message posts ... I think I can cover modest repayments over a long period, and the rent on the flat more than covers the mortgage. I also own other property outright so have capital but need cash.

feisty1

suzana: as i suggested ask the abbey to release some equity on yr btl, as u have an existing arrangement with them & yr current mortgage is a low LTV (loan to value) a further advance would be the easiest thing to do..........

suzana

Feisty - I will do this! Thanks for your advice,
Suz