Way forward

Oscar798184

I posted yesterday but perhaps wasn't as clear as I should have been.

My Nationwide mortgage is up for renewal in November after five years of a thirty year deal.

My mortgage currently stands at £72,000, with my house valued at £115000.
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Hopefully, there will be no issue with getting a favourable rate for my re-mortgage over 25 years.

What complicates matters is that my parents took out an interest only Nationwide mortgage of £38,000 to help me make up the total purchase price of my house and now I need to pay them back, otherwise they will incur charges.

Can I borrow more from Nationwide with my re-mortgage and use that loan to pay back part of what I owe my parents, with me making up the difference from my savings?

Has anyone been in a similar situation and should Nationwide have a problem with this idea, bearing in mind both mortgages are with them and are linked?

P.S: I do have an appointment to meet with Nationwide but not until next week so any help now would be greatly appreciated.

kingstreet

You're not remortgaging. That's paying off your current mortgage with a new one with a new lender. You're asking for additional borrowing from your existing lender and possibly requesting a new product. Its granting, or not, will be subject to status and valuation, just as your original mortgage was at the outset.

Will you be successful? Don't know. You first need to get a proper idea of the value of your property. Have a look at the recent sale prices of similar properties in the area on houseprices.co.uk or ourproperty.co.uk. Estate agency valuations or "For Sale" prices aren't suitable for this purpose.