Additional borrowing..need advice please..

ferry

Hi all
I am hoping to take out some additional borrowing shortly for home improvements from our current lender the Coventry BS.
They have said that they are able to lend us the extra based on our incomes but I'd like to know before I commit myself if we would be causing problems for ourselves when we come to remortgage at the end of our fixed term with Coventry.
We will be borrowing up to our limit if we go ahead with the additional borrowing but what worries me is if we would be able to remortgage to a new lender as they may be unwilling to lend us the whole total of the new amount?

Or could I be worrying unecessarily? Is it likely we may be stuck with the Coventry as we may not be able to remortgage elsewhere

T

herbiesjp

This will depend on a few factors:

What is the property value?
What is the current mortgage amount?
What is the mortgage amount you would like to go up to?
Do you have any other dents? - cards/HP/loans etc
What is your income?
What is your partner's income?

ferry

Hi
Our property was valued at £235k about a year ago.
The current mortgage is £101k,we would like to increase to £110k
Only other debt is a personal loan of around 5k which will be cleared with the additional borrowing
My income is around £23k gross,my partners is around 6K (she works part time)

Thanks for any advice you can offer us

T

herbiesjp

Just had a quick look for you, and there would be lenders happy to look at that amount for you currently.

Are you tied in to Coventry? If so make sure the top up is on a penalty free deal, so that when the Coventry deal expires you can move the whole wmount either onto a good deal offered by Coventry or on to a good deal offered by a different lender.

If you are not tied in, have you looked at other deals on the market?

ferry

Thanks Herbie
Yes-one of the things I insisted on was that there be no early payment fees on any additional borrowing.

Thanks for looking into it for us.Quite reassuring.

T