off to see mortgage advisor.....

james3333

hi guys,
iam off to see the halifax mortgage advisor on friday ( tommorow)
iam having to set up a new deal as my existing one runs out at the end of the month.
iam in the middle of getting planning permission for an extesion aswell and might need to borrow an extra £10k but until i have permission i dont know if i will need the money.
so, my question is....
what is the 'procedure' for this kind of thing?
can i just choose from the deals they have and lump the extra 10k onto it if i need it... or will i get some sort of 'briding' mortgage until i get an answer from the council?

cheers:money:

toonfish

would be easier to agree it now - either get a product with no redemption fees so you can pay it off if you don't need it, or accept that you'll have to do this in stages until any redemption penalty ends. Halifax usually allow you to overpay 10% of th ebalance with no penalty. If you wait you will probably have to pay another admin fee, and maybe take the further borrowing at the standard variable rate

james3333

i see.
might have to bite the bullet and get the cash anyway.
so, if i go for this deal....

HALIFAX
fixed until 2009
at 5.99%
borrowing 96,000 (86k left to pay + the £10k i need)
over 27 years
it will be £598.43 per month

but i wont need the money for a few months yet, so i dont really want to be paying interest on it... can i stall it in anyway?
if then i DIDNT get permission... could i pay this 10k back with no penalty?

cheers

toonfish

you could pay £9600 back with no penalty - just keep it in th ehighest interest bearing account you can find until you know if you need it or not.

I'd suggest you shop around a bit too

james3333

my house is valued at £135k
i owe £86k ( plus the 10k i need making it 96k)
halifax offer 5.69% if you have a LTV of 85%....
can i get this rate?
i dont know much about LTV

toonfish

yes you can

james3333

is that a definate?
how do you know what your LTV is, indeed whats mine then?

danjberry

based on 96000 your ltv is 71%. You calculate that 96K is just over 71% of 135K by dividing 96000 by 135000 X 100.

james3333

the halifax states it should be 85%
so am i not falling under this amount to qualify for the 5.69%?

toonfish

james3333 wrote:

the halifax states it should be 85%
so am i not falling under this amount to qualify for the 5.69%?

it will be 85% or less

james3333

i see!
cheers... i feel a bit more confident now about my meeting tommorow!
thanks very much.
if he says i CAN pay back 10% of the outstanding balance if i dont get planning permision i think i will go with this deal.:money: :money: