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Further borrowing advice please
ajbrynoffa
Posts: 418 Forumite
Hi just looking for some quick advice about our mortgage please.Ok we took out our mortgage about 4 years ago with the Chelsea and about 8 months ago we had a further advance for various home projects,however we need about another £8000 to finish off.There is still plenty of equity in the house so should we just go back to them and ask for the extra money?Are they likely to say yes?
A shadowy flight into the dangerous world of a man who does not exist.
A young loner on a crusade to champion the cause of the innocent,
the helpless, the powerless, in a world of criminals who operate above the law.
A young loner on a crusade to champion the cause of the innocent,
the helpless, the powerless, in a world of criminals who operate above the law.
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Comments
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All you can do is ask. We were in the same position and at first got declined, but could not see why as we had to consolidate some debt and by increasing our mortgage by £150 a month we'd be SAVING nearly £400 a month in debt repayments, so I put all these figures in writing and stated that we paid our mortgage and debts each month, without fail and we would be better off if they approved my extra borrowing, after a bit of to-ing and fro-ing it was approved.
So what I am saying is, that you can only ask... And if they say no, appeal their decision.0 -
If not, you could always get a secured loan.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
You don't mention if you are still tied in to the deal you currently have with CBS?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
yeah i`m still tied in till 2010 so don`t really want to remortgage,also we don`t really want to get a secured loan,but thanks for the suggestion.A shadowy flight into the dangerous world of a man who does not exist.
A young loner on a crusade to champion the cause of the innocent,
the helpless, the powerless, in a world of criminals who operate above the law.0
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