Increase mortgage

Me_Myself_2

Would it be possible to increase your mortgage for an extension if you have a default and arrangements to pay on your credit rating?

They have never been late or anything on mortgage and house valued £235k, mortgage £100k.

Thanks

MortgageMamma

it depends on your individual lender. are you tied into your mortgage at the moment? Could you give me some more details about the defaults/arrangemets you have (PM if you don't feel comfortable in public) and let me know who your lender is. Hopefully with that info I should be able to help

Me_Myself_2

They're with the Yorkshire BS, default on an Egg CC (now showing as settled). ATPs with various lenders. That's all I know.

Thanks so much for your prompt reply

MortgageMamma

Doesnt sound like anything too bad, I think you should approach your lender and see what they say. But tell them they mustn't credit check you unless they think they can help. Otherwise, you will have to remortgage or look at taking a loan, possibly secured.

Me_Myself_2

Thanks very much.

bernice_2

i have a mortgage for 112000 and a secure loan 60000 house worth 180000 is ther a way i would be able to increase loan to do an extension bernice

MortgageMamma

yes you could increase your lending but it would be unwise due to the lack of equity in your property, however if its a route you really want to take there are ways of doing it. First and foremost you should check out the possibility of remortgaging, and if you can't do that, and unsecured loan (dependent upon how much you need to borrow) if not, and you don't want to fund on credit cards there is also secured loans, but remember along with the 60k it is secured on your property and your home is at risk if you cannot make the repayments. You can get secured loans of up to 120%+ of property value. You would have to be pretty sure you are not going to move home. I know a secured loan broker who can get cheap rates. don't go to the companies on tv they mostly overcharge.

bernice_2

mortgagemamma
thanks for that it gives me something to think about.My secured loan is with dreaded FIRST PLUS. becouse i have their ppi i cant leave them for four years or else i will lose my cashback

MortgageMamma

I thought firstplus only charged a months interest if you left them? what cashback did you get? how does it work?

bernice_2

mm
i have ppi with first plus which lasts for 5 years.
if i dont claim on it or stop my loan i get the premium back which is supposed to be 13000