We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Releasing equity advice please
ferry
Posts: 2,014 Forumite
This summer we would like to make some improvements to our home instead of moving.
Ideally we would like to borrow an additional 15k to run concurrent with our mortgage.
Our current level is £115k outstanding with the property worth around £252k/15 years remaining and we're 1/2 way through our current fixed 2 year deal with NatWest never missed any payments etc.
One point to mention is that we have around 12k of outstanding debt already but this would be cleared with any additional funds.
Our joint incomes are around 28k
I know that theres more to it but on this basis how would we go about additional borrowing -is it just a matter of approaching our bank or would we best be attacking our current level of debt before even thinking of approaching them?Would we be looked on more favourably as we would be clearing the debt instead of just adding this on top?
Thanks as usual for any advice
Ferry x
Ideally we would like to borrow an additional 15k to run concurrent with our mortgage.
Our current level is £115k outstanding with the property worth around £252k/15 years remaining and we're 1/2 way through our current fixed 2 year deal with NatWest never missed any payments etc.
One point to mention is that we have around 12k of outstanding debt already but this would be cleared with any additional funds.
Our joint incomes are around 28k
I know that theres more to it but on this basis how would we go about additional borrowing -is it just a matter of approaching our bank or would we best be attacking our current level of debt before even thinking of approaching them?Would we be looked on more favourably as we would be clearing the debt instead of just adding this on top?
Thanks as usual for any advice
Ferry x
:j
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards