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Homebuy Mortgages and borrowing extra
Jotaylen_2
Posts: 2 Newbie
I am currently out of my fixed term period with nationwide. I have a 30% equity loan on my house.
The value of my property has increased by 26% (We gutted the house) and I have paid 13% of my mortgage off.
I want to remortgage and borrow more for an extension. Does anyone know if that is possible or if anyone has had any luck in pulling money whilst having an equity loan?
The value of my property has increased by 26% (We gutted the house) and I have paid 13% of my mortgage off.
I want to remortgage and borrow more for an extension. Does anyone know if that is possible or if anyone has had any luck in pulling money whilst having an equity loan?
0
Comments
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If not repaying the equity loan, you need the permission of the second charge holder to increase your mortgage.
This is known as a "deed of postponement."
If a builder shared equity scheme, speak to them. If a Government scheme, try here;-
http://www.myfirsthome.org.uk/I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi,
They are happy for me to do the work providing its value for borrowing. I just cant find a bank whom will lend more as I have the equity loan. Do you know of any cases that have successfully borrowed more money from the mortgage lenders?0
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