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How does wanting to up a Mortage work?
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p1tse
Posts: 980 Forumite
Lets say currently I'm in the middle of a 5 year fixed for 5% for £100k, but if I was looking to move and wanted to borrow more, say an extra £50k, therefore total £150k, how does it work?
Obviously dependent on approval, but will the extra £50k be part of the current terms etc.?
Obviously dependent on approval, but will the extra £50k be part of the current terms etc.?
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You port the existing deal for the existing amount, and ask for additional funds - which will be based on today's rates.
Compared to 2.5 years ago, the rate may be better...Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
The rates you might get offered on the extra lending all depends on your LTV, income ,size of deposit, debts, kids ETC0
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