Lend more against an additional mortgage

darrenn · 30 October 2012 at 9:18AM

Hi there, I currently have a mortgage with the Woolwich/Barclays which was a 2yr fixed tracker and 1.88% over base. This is increasing to 2.38% over base which I think is still a very attractive offer at present. However, I wish to borrow more for house extension. Is it possible to keep the existing mortgage offer and borrow more against it or would I have to take out a whole new mortgage?

Would welcome yr feedback.

Darren

kingstreet · 30 October 2012 at 9:21AM

Ask your lender about additional borrowing. The rate for this will be higher than your current rate, but the amount currently owed will remain unaffected.

sammyjammy · 30 October 2012 at 9:23AM

Pending the usual affordability checks etc they will consider a further advance at a different rate. Check out their website, it should give you the options available. Beware though, I was with Halifax and their interest on a urther advice was 6%+ so you would need to work out if overall it is worth doing or it might be cheaper to remortgage elsewhere.