Remortgage Question please

paul4798

Hi,

I have a mortgage of 45000 and a further loan of £15000.

Is is possible to remortgage from my current lender to a new mortgage company to cover the whole loan.

Is this possible.

The reason for asking is that i tried to increase the term of my futher advance and they dont do that any more due to cca regs. Im with B&B

thanks

Paul

dougk_2

Simply yes it is possible and I believe quite normal!
What you are doing is simply a remortgage. Use any of the building society/ banks websites and try their calculators for a basic idea of prices/costs etc.

You must have enough equity in your house (so its got to be worth 60k + pref  70k to 80k  to get a reasonable rate)

You must also earn enough to cover the mortgage amount (so about 18k a year will be ok)

Speak to an IFA they will find something suitable for you and I suspect you will save lots (there are some good fixed rates at under 5%)

payless

no problems with comments above

BUT

Speak to an IFA

Please be aware that FSA regulations are somewhat modular- regulated firms have to apply for permission to advise in different areas ( main ones being investment, mortgages and from 14/1/05 Protection/general insurance) - so not all IFAs have authority to advise on mortgages, and again not all mortgage advisers are IFAs.

http://www.fsa.gov.uk/consumer/07_MORTGAGES/getting_started/different.html

tells you what to look at for

http://www.fsa.gov.uk/consumer/10_WHATS_NEW/FIRMS/new_advice_rules.html

discusses some other changes in the marketplace

herbiesjp

In agreement with both dougk and payless on this one.

It should be a strightforward re-mortgage, if that is the route you wish to take.