Adding Personal Loan to Mortgage

Benno1983

Hi all,

Just a quick one. My 2 year fixed deal runs out next March on my Mortgage. I bought my home last year with my partner. I currently have a personal loan which I would like to add to my mortgage. Is this possible?

Any help would be great.

Thanks

kingstreet

Consolidating unsecured short-term credit into a long term mortgage commitment may not be a good idea. Think carefully about how much interest you will pay over the longer term.

Being able to do this will depend on how much you currently owe and how much your property is worth. You'll need to adhere to loan to value limits just as you did when you bought the property.

Options are;-

- take additional borrowing from existing lender
- remortgage to new lender for higher mortgage amount,

subject to status, LTV and affordability.

Conrad

Benno1983 wrote: »

Hi all,

Just a quick one.

Such questions invariably are anything but quick!

You don't say how much equity you have?
How much is the mortgage sum?
What is the loan sum?
Is the loan in existence already?
Who is mortgage with, who is loan with?
What is loan for?
Does your income support both debts?

I think maybe you need a further advance from your existing mortgage provider.

opinions4u

What did you take out the unsecured loan for?

Is it worth the risk of losing your house for?