Advice on borrowing more from existing lender

eezer

I currently have 8 years left on a 'lifetime tracker' mortgage with the Nationwide. The rate is the Bank of England base +0.39% though there is a 2% 'floor' to the mortgage meaning we pay 2.39% at the moment.

I want to borrow an extra 15-20K from them, to be paid off by the time the existing mortgage ends. If I do this, does the whole amount I owe transfer to their current rates/deals or just the extra amount I've just borrowed?

I don't want to lose the deal I currently have with them as it's fairly ok, but it's not clear from their website what the position is. Obviously if the whole amount (75K) plus the extra changed then it would be a fairly significant increase.

Any advice would be greatly appreciated.

Cheers.

Thrugelmir

Additional borrowing would be at current rates. This part of your mortgage would be kept in a seperate sub account.

Gorgeous_George

Depends on who you are with and the terms of your existing deal. You may be able to borrow extra funds at your current rate.

Best thing to do is ask.

GG