A new mortgage for the same house

catharine

Hi, I have paid off my mortgage (about 8 months ago) but now find that with a changing home situation I need to see if I can do an extension. I don't yet know how much it will cost but is my only option to finance it a home improvement loan (which seems to be v limited in amount and term) or can I apply for a mortgage again? When I did have a mortgage before I was able to extend it slightly to make some home improvements and it was really easy and relatively cheap to do but all I have read about home improvement loans suggests if I borrowed £20000, I would have to pay it back after 7 yrs at the latest and it could cost me over £30000. I am not in a position to move, nor want to but just making one room a little bigger would make a huge difference. Can anyone advise?

bigadaj

You can get another mortgage without too many problems assuming you have a reasonable income and no great debt or adverse credit history.

You are looking to borrow a relatively small amount over a limited term so pay attention to total cost, in your situation it would probably be pointless securing a low rate, patticulalry over a short term, if there are high fees. So paying a higher rate might be cheaper, particularly if the lender includes legal and associated costs in the mortgage.

amnblog

Given the right lender and terms you can pay it back as soon as you want.

The mortgage size you require may be too small for a number of lenders to take on.