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Borrowing extra money
pumabhoy
Posts: 8 Forumite
Hi. I am currently on my banks standard rate at the moment as my fixed period ended a while back. I want to borrow extra money for home improvements. Will I have to pick one of the banks 'deals' or can I just stay on the standard rate. Is it classed as a remortgage?
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Comments
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A remortgage is moving from one lender to another repaying your existing mortgage with a new one, for which you need a new mortgage deed. So it became known as remortgaging.
You are asking for further borrowing, or in old money a further advance. These days, lenders tend to have special products for such cases so you're unlikely to get it on standard rate.
You can but try...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
You would probably do better remortgaging to another lender, unless you are already on a high loan to vale, and or good rate, as a further advance will incur costs, along with probably a product fee.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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