Adding to existing mortgage or new one? - options?

papermoney

Currently the house is in my husbands name (it was his house before we met and married). We want to take some additional borrowing for home improvements and we won't be able to do this with just my husband on the mortgage so we want to add me to it (as I will start full time work soon).

I am wondering if it would be better to add me to the current mortgage (the current provider has said this will be about £300) and then apply for additional borrowing or to completely take out a new mortgage with a new lender (we would have to pay the redemption charges).

I know I should really speak to an IFA but i'm yet to find one in my area. But I will keep searching.

Any thoughts would be appreciated. Thanks.

dimbo61

It would help if we knew what mortgage rate you are on now and how long the deal has left, how much extra you want to borrow, incomes, ERC,s LTV, etc.
Others deals you could get and what type of mortgage required Fixed,tracker,offset !!!
Right now its like throwing knives with a blind fold over your eyes

papermoney

dimbo61 wrote: »

It would help if we knew what mortgage rate you are on now and how long the deal has left, how much extra you want to borrow, incomes, ERC,s LTV, etc.
Others deals you could get and what type of mortgage required Fixed,tracker,offset !!!
Right now its like throwing knives with a blind fold over your eyes

Current mortgage 86k (3k redemption if paid before Jan 2012)
We want to borrow about 15k (so would take it up to about 101k give or take).
Mortgage is currently on Interest only, roughly 3% (not 100% of this though) it was on a 2 year deal as of January 2010
The value of the house is about 160k but say 150k to be on the safe side.
Husband is self employed and records show 5k profit
I will be on 35k
We would like to go on a fixed, repayment mortgage.
I currently have to pay 220 to NR for a mortgage which ended in August 2009 due to selling it for less than I owed on the mortgage. This will continue for the next 4 years.

Many thanks for the reply.

papermoney

WE're waiting for a call back from the current lender but it seems it maybe better to add me to the current mortgage and then apply for additional borrowing , then we wouldnt have to pay redemption.