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Remortgage - short term
shadylady_3
Posts: 1 Newbie
Can anyone help please
I have an endowment mortgage due to finish 2008/2009. There are two policies 1,due to complete 11/3/08 2, due to complete 24/8/09 - i am currently in disscussion with the insurance company to confirm that these will pay off the mortgage.
I however want to remotgage with an additional £10000 for improvements - do i have to take two loans out? My current mortgage is at an standard variable rate. When i have looked around banks,building socities etc do not appear to want mortgages for less than ten years and if they do there appears to be penalties invovled.
I have an endowment mortgage due to finish 2008/2009. There are two policies 1,due to complete 11/3/08 2, due to complete 24/8/09 - i am currently in disscussion with the insurance company to confirm that these will pay off the mortgage.
I however want to remotgage with an additional £10000 for improvements - do i have to take two loans out? My current mortgage is at an standard variable rate. When i have looked around banks,building socities etc do not appear to want mortgages for less than ten years and if they do there appears to be penalties invovled.
0
Comments
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One of the mortgage brokers will be able to help with specific offers.
But don't despair. One option would be to take out a mortgage over a longer period (say 15 years or whatever) and just make overpayments so its paid off in the time you want (5 years or so). The mortgage would have to have this overpayment facility (a lot do these days).
You should probably combine all the finance you need in one loan. Part could be interest-only, part could be repayment.0 -
A lot of lenders that I deal with have 5 years as a minimum.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
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