Further advance

confuseddotcom123

Hello all, i hope this has'nt been asked before, but here goes. My partner and i have an interest only mortgage with Barclays, the mortgage is £46000, and our home is valued at approx £170000, can i ask Barclays for a further advance on our mortgage? as we wish to do some home improvements, there is 11 years left to run on our present mortgage, is it a big rigmarole to get a further advance? Thanks in advance.

_Andy_

Yes you can ask them.

happybroker

yes you can and no, it's not too much hassle

confuseddotcom123

Thank you for those replies, what are they likely to ask for? pay slips? bank statements? will they do a credit check? we have never had arrears on our mortgage, and have never missed a payment.

_Andy_

Yes they will do a credit check and will probably want pay slips. Give them a call and they will explain the process and exactly what they will need.

dimbo61

How are you going to pay back the IO mortgage of £46,000 in 11 years ?
Do you retire in 11 years or reach 65?
If you borrow more money to fund improvements how are you going to repay that loan?
They are not required to take this into account ( you cant just sell up in 11 years and buy a place in the sun !!)

confuseddotcom123

( you cant just sell up in 11 years and buy a place in the sun !!)[/QUOTE]
Why?