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Extra Mortgage advice required
Kel_3
Posts: 281 Forumite
Hi,
We are thinking of extending our property and will need to increase our mortgage in order to do so. We currently have a £143,000 mortgage and our property is worth approx. £250,000. We are thinking we will probably need an extra £25,000 to build an extension, can anyone advise me on what options we have to get this extra amount?
Our current mortgage is with Nationwide and we have 7 years of a 10 year fixed rate left, do we have to get the extra amount with nationwide?
Any advise would be great, thanks!
Kel
We are thinking of extending our property and will need to increase our mortgage in order to do so. We currently have a £143,000 mortgage and our property is worth approx. £250,000. We are thinking we will probably need an extra £25,000 to build an extension, can anyone advise me on what options we have to get this extra amount?
Our current mortgage is with Nationwide and we have 7 years of a 10 year fixed rate left, do we have to get the extra amount with nationwide?
Any advise would be great, thanks!
Kel
0
Comments
-
Two options:
1) Personal loan
2) Extra borrowing secured against the house - cheapest way will be via existing lenderI 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 -
Your best bet would to be to contact the Nationwide. See what rate they can offer. You may be able to get an additional mortgage for the additional borrowing.
If you try and move away from Nationwide then you will have to pay early repayment charges. These can be as high as 5% of the amount outstanding for long term fixed deals.
J_B.0 -
Contact Nationwide and ask if you can borrow the extra £25k over the 7 years left on your existing deal ! IF YOU CAN AFFORD TO !
That way both parts of your mortgage finish at the same time and it makes it easier when you look to remortgage in 7 years0
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