Increasing/ wanting to borrow more - mortgage options

advice_please_2

I have a current mortgage taken out 5 years ago £100k, which I'm coming out of the fixed deal and onto the Base Rate.

I've done a high level estimate and I could qualify to borrow more

Say if I wanted to borrow an extra £50k, I assume I can bolt it onto the current deal, so do I get an extra mortgage at £50k or do i take out something at £150k at a new rate and loose my base rate current option?

kingstreet

Your further borrowing/advance will be offered at whatever rate the lender reserves for such transactions. There is nothing to say it will be offered at your current rate. You'll have the first part of your mortgage on your "follow-on" rate after the fix and the further advance at probably a different rate.

If you remortgage the whole amount to a new lender, you may get a better overall deal, but you'd need to compare carefully.

"Base rate" + FA rate v Remortgage rate elsewhere.

shortchanged_2

What is your current property worth?

dimbo61

You MAY be able to borrow the extra money if you have enough equity and an income that the lender is happy with.
The mortgage market has changed alot over the last 5 years so check that your lender is happy to lend you the money.
If its for a large extension on the property which adds value and your income covers the new bigger mortgage then you might be OK.
But if its to repay Loan/Credit card debts ? computer may say NO.
You need to look at rates for extra borrowing and other deals available from other lenders