on base rate want to borrow extra

babysteps24

When I separated from ex the nationwide would not give me the full amount to cover my mortgage (£6,000 short) my dad gave me the £6,000 to give the nationwide. A few years later my wages have increased and I am now on the base rate (prev 5.59%) My plan was to remortgage at some point and repay dad the money, if I remortgage now I presume I would go onto another rate presumably higher than the base rate? is this right?

ACG

You might be able to do a further advance - the existing amount remains on the current rate and any additional borrowing goes on the new rate.

Some lenders have a minimum amount which may be more than £6k, in which case you might be able to borrow the minimum and pay a lump sum off it straight away - but you would need to speak to nationwide and see what options they have.

jackomdj

Depending on how urgently your Dad needs the money could you arrange to pay him a monthly amount to repay it? Saves mortgage fees etc

babysteps24

Cheers guys he doesn't need it in a hurry I just don't like owing him, would prefer to owe bank but maybe best just repaying him monthly, Ill phone nationwide and enquire, thanks