Quick Remortgage- Is it possible?

colourblind

Currently have 15 years left on our mortgage. House value £150k with around £45k outstanding. No other debts for either myself or my wife. No ccjs or missed payments. Joint Income £50k
Should a current court case not work out, we may have to raise £40k within 30days of judgement otherwise a ccj will be placed on the registry making any application more difficult.
Spoke to our current lender (Halifax) regarding further borrowing, which was at a much higher rate (didn't tell them what it might be used for) which they said would be fine.
My question, is it possibe to remortgage for £85k with my current lender or if I chose to remortgage elsewhere how long does it take, bearing in mind I will only have 30 days?

The biggest problem for me would be the 30 day time limit and how to ensure funds would be available in time.

Thanks for reading

kingstreet

A typical remortgage takes four to six weeks.

If you apply for a fee-free deal, it costs you nothing, so why not get an application to offer?

You could then cancel it if you no longer need it.

What do you intend to disclose as the reason for the additional borrowing, over and above your current mortgage?

colourblind

Hi Kingstreet

If we were to apply for a fee free remortgage, would it leave a trail on our credit history and will our existing lender know about it.

Not sure how to word the reason for the additional borrowing other than a new car, long overdue holiday etc. Or do I just come clean with them?

_Andy_

You tell the truth. Not doing so = mortgage fraud.

colourblind

Do you think we would be penalised eg. higher interest rate if we told them the exact reason for the additional borrowing? It's not as if were trying to get something we cant afford and it still leaves a good chunk of equity in the house.

_Andy_

Ask them. Either way you've got to tell the truth.

Dockside

If you decide to stay with your current lender you'll just need to apply foe a further advance, it's not a remortgage, it's quicker so chances are it should be pretty quick.

Wh05apk

colourblind wrote: »

Do you think we would be penalised eg. higher interest rate if we told them the exact reason for the additional borrowing? It's not as if were trying to get something we cant afford and it still leaves a good chunk of equity in the house.

The rate will stay the same, it will just depend whether the purpose of the loan is acceptable with their criteria, as has been said, if you do not tell the truth, that could be fraud................