Crazy numbers !

Norbert_Dentressangle

Hi, complete newbie here be gentle with me

I've recently thought about borrowing against my home to have some improvements. I've no mortgage at present and thought I wouldn't have any problem raising 40k (approx 14% LTV!!) against a 15k income, but how wrong was I! I've been offered 11k (seriously) and wondered if anyone had had any luck borrowing a decent sum against their homes?

I'm only interested in an offset mortgage. I've got the amount I'd like to borrow in savings but want the security of a nest-egg. Any help would be gratefully appreciated

OzzMosiz_2

Save some of the money and use some of your saving, leave a bit of the savings there and then top up (with the money you would've paid back to the mortgage company).

Job done and you don't pay interest!!!

_Andy_

Not enough info - which lenders have you approached and why they are offering such low amounts - I'm assuming affordability?

Norbert_Dentressangle

Thanks for advice Ozz.

Hi Andy, Yorkshire BS offered 11k but admitted that their criteria is such that they don't sell many mortgages these days.

All sorted now, FirstDirect were happy to lend up to 55k, with no charges and no valuation fee. Borrowing 40k, and will probably only utilise 30k of it so should have it repaid within 7 years. It feels like an interest free loan, especially with my savings account paying 2% before tax!