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Additional borrowing on mortgage advice!!
JB1985_2
Posts: 1 Newbie
I have a question relating to my mortgage that i would like some advice on please.
Along with my partner, i am just over 1 year into a 2 year fixed mortgage. We were both first time buyers at the time. We are both full time employed earning a combined £37,500. We took out a mortgage for £108,000, putting a £20,000 deposit down on a house for £128,000.
My partner is potentially looking to do a full time training course to become a teacher. This would be a non-salaried training course and would last for 9 months. She has the potential to do a part time job alongside this to gain extra income however.
Whilst my partner will be eligible for a free grant, this will be less than her current wage. We are looking at ways in which to top her money to around the same as her current wage. One way in which we can do this is to borrow an additional £5000 on our mortgage. Our mortgage provider have confirmed that this is ok in principal. My query though is whether or not this is a good idea. Whilst it will up our monthly repayments slightly, they will still be manageable. My main worry is that we would probably be looking to move house within the next 2-3years. With the additional money loaned on the mortgage, we would obviously have less equity in our current property once we came to move.
Would you advise against lending additional monies in this way? And if so, what other options would we have to borrow additional money? Obviously we could take out a loan with the bank but this would require larger monthly repayments.
Any help or advice would be appreciated.
Thanks,
Along with my partner, i am just over 1 year into a 2 year fixed mortgage. We were both first time buyers at the time. We are both full time employed earning a combined £37,500. We took out a mortgage for £108,000, putting a £20,000 deposit down on a house for £128,000.
My partner is potentially looking to do a full time training course to become a teacher. This would be a non-salaried training course and would last for 9 months. She has the potential to do a part time job alongside this to gain extra income however.
Whilst my partner will be eligible for a free grant, this will be less than her current wage. We are looking at ways in which to top her money to around the same as her current wage. One way in which we can do this is to borrow an additional £5000 on our mortgage. Our mortgage provider have confirmed that this is ok in principal. My query though is whether or not this is a good idea. Whilst it will up our monthly repayments slightly, they will still be manageable. My main worry is that we would probably be looking to move house within the next 2-3years. With the additional money loaned on the mortgage, we would obviously have less equity in our current property once we came to move.
Would you advise against lending additional monies in this way? And if so, what other options would we have to borrow additional money? Obviously we could take out a loan with the bank but this would require larger monthly repayments.
Any help or advice would be appreciated.
Thanks,
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