Additional Borrowing on Mortgage for Second Home

skipfeeney

Hi All,

I have a mortgage of 30k with RBS on a 150k home. I would like to borrow another 35k on top of that to go half on a house with my sister for my elderly mother.

Will RBS allow me to increase the loan to buy half a second house? Is there a better way of doing things?

PPS I have a good credit score and i am a higher rate tax payer with only 5 years left on current mortgage

Thanks

Thrugelmir

Give them a call. In view of the sums involved it appears totally manageable financially. So more of a question if RBS are in the market to lend under these circumstances and for the amount.

jimjames

It certainly should be possible, we've just done the same with Nationwide although longer term on mortgage.

Only problem might be monthly repayments could quite high for the term you have left as they are likely to run new loan over same term.