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help needed
danemi1
Posts: 1,353 Forumite
Can anyone please help advise me....
My pal has a very low endowment mortgage that she is 3/4 way through paying - she is happy with it - still doing quite well - so its not about that but she is considering having an extension built and needs to borrow some of the money to fund this (has good percentage saved already) -we both have no idea what she has to do - can she continue to have her endowment and to fund the extension can she take a repayment mortage out for the amount needed and have that part over a longer term so that the main mortgage finishes in 5 years and then that would just leave the repayment for the extension to continue for say another 10-15 - probably really thick but she asked me and I have no idea so though I would appeal to you guys for help - thanks in advance
My pal has a very low endowment mortgage that she is 3/4 way through paying - she is happy with it - still doing quite well - so its not about that but she is considering having an extension built and needs to borrow some of the money to fund this (has good percentage saved already) -we both have no idea what she has to do - can she continue to have her endowment and to fund the extension can she take a repayment mortage out for the amount needed and have that part over a longer term so that the main mortgage finishes in 5 years and then that would just leave the repayment for the extension to continue for say another 10-15 - probably really thick but she asked me and I have no idea so though I would appeal to you guys for help - thanks in advance
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Comments
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anyone please? - sorry dont know anything really about mortgages - any help appreciated0
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she should be able to borrow the extra on repayment and assuming the term for the extra borrowing is within criteria regarding retirement age and is affordable then it shouldn't be an issue.
Her own lender, a good whole of market broker and on line research are what she needs to be doing.
If she really doesn't have a clue about mortgages then advice is needed and the banks don't always provide this.....watch out for the phrases "to help you make an informed decision", "on an information only basis" and "non-advised".Happily an ex mortgage broker!0
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