Bit of a strange request...

coma665

So I am one of the lucky ones and started my Mortgage as a first time buyer in April 2011!

The way things happened is that I was living with my parents in our 3 Bed Semi in North Bristol worth around £180'000.

I did a deal with my parents in which they gifted me £80'000 in equity of the house and so I only had to get a £100'000 mortgage, which was very easy to do. The best deal I could get (At the time) was with Santandar and I am almost half way through a fixed rate period of 2 years paying around £480 a month.

Question is, although in comparison to many I have a small mortgage and for that I am very grateful the extra money I have to play with each month isn't substantial enough to get some real work done on the house.

I was thinking about going to Santandar and asking to borrow some more money but was curious to know if anyone here was able to quickly tell me from the figures/circumstances above how much I may be able to borrow and if I were to borrow say £10'000 / £15'000 or £20'000 how much more I would be paying a month and over what period? I have a 25 Year FR Mortgage also.

Any help is greatly appreciated and will be giving Santandar a ring a little later anyway, but thought I would try here first!

HNY to all also!

kingstreet

How much you can borrow will depend on your overall circumstances as it did when you took out the mortgage.

Without knowing the rate and the term, we can't tell you how much it might be.

Suggest a call to the lender to establish what your options might be. Further advances/further borrowing aren't predictable enough for us to take an educated guess, I'm afraid.

ACG

Agreed with kingstreet, however you can have a play around here http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
So you can get an idea of what you can afford.

coma665

Fair enough! I will give them a call a bit later and give you all an update of where I am with things.

kingstreet

ACG wrote: »

Agreed with kingstreet, however you can have a play around here http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
So you can get an idea of what you can afford.

In the "old days", I'd do a further advance on standard rate for the remaining mortgage term, but lenders have gone down the "separate account" route for so long now I wouldn't have a clue what they might do.

OP - let us know what they offer you. Satisfy my curiosity.

ACG

Lenders used to lend money? When did that change?
I seem to just call them and get stressed out and they charge my client a booking fee for the fun of it :-P

lol, only messing theyre not that bad really.... in the main.

coma665

Looking at the calculator on the BBC website... putting in my info would work out to the following:

Mortgage required £100'000
Repayment period 25 years
Interest rate 3%

Monthly repayment £478.56

That is what i'm paying at the moment, on a repayment only mortgage as well I do believe but will double check when home from work in an hour!

kingstreet

There's a thread currently on the front page where Santander are quoting standard variable rate for additional borrowing. I'm not sure your 3% is going to be close to accurate.

https://forums.moneysavingexpert.com/discussion/3721199

You need to calculate the extra money you're borrowing at the rate for that. Your existing mortgage is going to continue unaltered, unless you remortgage to a new lender and pay the Santander early repayment penalty