Need roof repair advance but mortgager won't

Dalglish

Hi
We have a 12 year repayment mortgage with the Mansfield BS with a 9 months still to run on a fixed rate deal we have.
Due to a new roof needed, we have requested a further £15k advance to cover this and an upgrade to the kitchen.
Mansfield have offered to advance only on its SVR of 5.5% with a 1 year tie-in on this amount whereas we would prefer a fixed rate.
The current fixed rate on the main borrowing carries with it an early redemption penatly of approx £3k.
My question is what chances are there of finding a deal if we were to redeem the mortgage where this £3k would be covered by a new lender's introductory offer?
Many thanks

_Andy_

If you mean would another lender pay the £3k for you, no, this wouldnt happen.

Wh05apk

No chance, but give it a couple of months, and assuming you can remortgage, get a deal lined up for when Mansfield finish.

michaels

Surely you are better off financing the roof money (assuming it is too urgent to wait) on short term credit (credit card, loan?) and then re mortgaging and consolidating when you are no longer tied in?

Senior_Paper_Monitor

..... your current LTV (or preferably both the mortgage amount and likely value) ?

Dalglish

Thanks to all for replying ...

LTV? Outstanding mortgage is approx £150k and market value approx £400k.

Was thinking of the loan/ credit card approach - to cover the roof repair (which is urgent) will cost £10.5k - but makes me nervous. Yes could consolidate and re-mortgage once current tie-in expires in 9 months but don't personal loans have 2or 3 year repayment periods? Can you repay in full sooner?

Senior_Paper_Monitor

No, most personal loans under consumer credit act have minimum penalty period of one month's interest (don't confuse with HP type agreements which load interest straight onto repayment capital) - Should be perfect for bridging loan type arrangement (assuming your credit rating and income OK) or an interest free credit card job even better if you can get it.