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advice on a second morgage please
want2bethrifty
Posts: 2 Newbie
Hi,
I'm a first time user so please excuse me if i get the site ettiquet wrong. My wife and have bought an old property that we are trying to do up. we have got parts of it done by scrimping and saving but are now getting a bit sick of this and are looking to take out a loan of about 20000 to get it finished sooner as we are considering having a child a want to complete before or there about. We have heard that getting out a further loan on our mortgage is a good idea as it will spread the cost over many years which we like the idea of at the moment. Our mortgage at the moment is with nationwide. It is fixed rate for 5 years and we have 2 years left on it. we approach them about the borrowing the extra cash which they were happy to do at a higher rate tha our current mortgage rate. before we jump in I wanted to see what our options were. Help please:D
I'm a first time user so please excuse me if i get the site ettiquet wrong. My wife and have bought an old property that we are trying to do up. we have got parts of it done by scrimping and saving but are now getting a bit sick of this and are looking to take out a loan of about 20000 to get it finished sooner as we are considering having a child a want to complete before or there about. We have heard that getting out a further loan on our mortgage is a good idea as it will spread the cost over many years which we like the idea of at the moment. Our mortgage at the moment is with nationwide. It is fixed rate for 5 years and we have 2 years left on it. we approach them about the borrowing the extra cash which they were happy to do at a higher rate tha our current mortgage rate. before we jump in I wanted to see what our options were. Help please:D
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Comments
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If you have sufficent equity in the property and can afford the repayments comfortably then enquire. You can only be declined.0
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Thanks for the reply. Do I have to stay with nationwide to do this or can I approach other lenders for the same to shop around for a better deal?0
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post some numbers
House value
mortgage
salaries
mortgage rate,
extra money rate
any tie ins/promotional period, followon rate and full term for both0 -
If you want to look on the open market you will have to consider what your early repayments charges would be from Nationwide...You can't have half your house mortgaged with Nationwide and half with Abbey for example...0
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