borrowing more with existing mortgage

Lord_Nutter

I've currently had 18 months in my apartment, which was purchased via 70% mortgage/30% equity loan via homebuy direct.

What is the likelihood of being able to borrow more from my mortgage provider to repay the equity loan? Of course, I wouldn't do this until another 3 years, as the loan is interest free until then.

Has anyone already done this, advise if possible?

Thanks

dimbo61

That all depends on the deposit you put down and how much you have paid off the mortgage so far.
Your income is also important and your lender
little surprised that you only had a 3 year 0% interest free loan and what does it move too after the 3 years.

poppy10_2

dimbo61 wrote: »

little surprised that you only had a 3 year 0% interest free loan and what does it move too after the 3 years.

It's a 5 year interest free loan, they've already been in the property for 18 months.
After the 5 year period interest is charged on the loan at 1.75%, with this rate increasing by RPI+1% each year.