Top Up Loan to Build

paulsd_2

Hi,

Am after a bit of advise please. We are selling our house and buying a house which requires a full refurb. The house is costing us an extra £50k ontop of our current mortgage. We also need around £50k to complete an extension and finish the refurb.

We are fortunate in that we can borrow the money for the refurb up front but will need to pay it back once complete (6-7 months),

We have been making inquiries and the suggestion is to get a top up mortgage once the work has been completed.

Our frustration is that we will need to pay a new arrangement fee for the top up, also, this will run for a new 2 year period and will not finish at the same time of our main mortgage, so, when we want to combine mortgages at renewal we will have to pay to early redeem or let the main mortgage run variable until the top up has finished.

My question is are there any other options? easier ways and of course cheaper.

I have also spoken to my current mortgage company Halifax who advise I can port my mortgage over (same rate (5.49), pay for a new product 1K for the additional initial £50 to but the house and the have a new product in 6 months for the top up, another 1K arrangement fee.

Any advise welcome, and I hope I have provided enough information.

Thanks in advance.

Paul