Remortgaging Advice.

gunner786

variable period is coming to an end now this month.
Need to remortgage and take out extra 20k for home improvements.
Outstanding mortgage is £93000 and house value is £130000.
How do i go about it im paying at a rate of 4.99% at the momen and paying £476 atover a period of 35 years repayment plan with halifax.

do i get a seperate loan or can i add it to my current mortgage.
also whats the best deal going at the moment with the interest rates this low and best option.

Thrugelmir

Borrowing an additional £20k will take you up to a very high LTV. So this may impact your ability to borrow at a relatively cheap interest rate.

£20k is a sizable sum for home improvements so your lender may well ask questions as to the purpose of the advance requested.

Do you have any unsecured debts such as credit cards or loans?

gunner786

Thrugelmir wrote: »

Borrowing an additional £20k will take you up to a very high LTV. So this may impact your ability to borrow at a relatively cheap interest rate.

£20k is a sizable sum for home improvements so your lender may well ask questions as to the purpose of the advance requested.

Do you have any unsecured debts such as credit cards or loans?

nope, no credit card loans.

Leeaquila

Would recommend speaking to a mortgage adviser, who can explain what options are available and give you an honest assessment of what is needed.