Extra Mortgage for Loft Extention

stevep1968

Hi All
I had a mortgage with the portman which was taken over by the Nationwide when the fixed tern of the original deal ended - about 2 years ago. We used this as an opportunity to take about £15k extra to do some work on the house but theis was done as a seperate mortagage on a variable rate that runs along side the new 5 years fixed rate for the 'lions share'. So we currently have:

£13k (ish) on variable at 2.5%
£140k (ish) on a 5 year fixed at 5.63% (ending May 2013) - early repayment charge currently at £4,211

Due to a fast growing family we now need about £50k extra for a Loft extention. When we did the last deal they seemed very happy to lend to us and said we have great credit rating so I dont see that being an issue (I also have about £5 k in savings with them) The house is worth about £269k according to the Nationwide House Price Index Calculator (but who really knows these days)

I would rather do this with as little problems as possible and also keep the monthly repayments as low as I can - is it worth transfering the £13k on to the additional £5ok and going interest only? Paying it all off and starting again? (I am limited by age as I am 42 and so I guess will have to go for 23 years?

Thanks in advance for any / all help

Steve

dimbo61

You need to speak to Nationwide direct about this and see what options they come up with.
You can have a mortgage in 3 parts and they may allow you to go IO on all or some of the mortgage.
They will need to do a survey and see the plans and you need to get planning permission and building regs plus quotes from good builders.