We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage forward advance?
wheresmygym
Posts: 1 Newbie
My mortgage is due to drop to the base mortgage rate shortly' there is plenty of equity in house and I wnat some of this for improvements. Di I have to remortgage and lose the chance of been on the BMR or can I stay on it and borrow a little more ?
Thanks
Thanks
0
Comments
-
this depends on your circumstances and who your lender is. What your best course of action is depends on the loan amount, value of the property, what the svr is and how much extra you ant to borrow.
If the svr is not the lowest out there then you may want to look at a remortgage, if it is and staying put is best for you then it would be prudent to make sure you don't lock yourself in on the extra borrowing so that you can remortgage should your lender hike rates (a la Skipton) or rates in general start to rise.Happily an ex mortgage broker!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards