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Advice on re-mortgage with extra borrowing
cool_techie
Posts: 100 Forumite
Hello everyone,
My situation:
3 bed semi bought (Nationwide mortgage completion date) - Dec 2012.
Property value at purchase - 183k
Mortgage pending - 170,020 (at 5.69 fix 3yrs remaining)
Early Repayment charges - 6.9k
Current valuation as per Nationiwde online tool -191k (Outer South East)
Work done
New Kitchen - 10k
Garden landscape - 2k
What are the chances of a remortgage at lower rate? Idea is to borrow more as part of the re-mortgage to finance a conservatory.
Your inputs will be helpful.
Thanks,
CT
My situation:
3 bed semi bought (Nationwide mortgage completion date) - Dec 2012.
Property value at purchase - 183k
Mortgage pending - 170,020 (at 5.69 fix 3yrs remaining)
Early Repayment charges - 6.9k
Current valuation as per Nationiwde online tool -191k (Outer South East)
Work done
New Kitchen - 10k
Garden landscape - 2k
What are the chances of a remortgage at lower rate? Idea is to borrow more as part of the re-mortgage to finance a conservatory.
Your inputs will be helpful.
Thanks,
CT
12.71kW PV system - 33 panels of JA solar JAM60S20-385/MR facing S-E(18) / N-W (15) with Growatt SPH-6000 and Growatt MIN 6000TL-X inverters, 4 ML33RTA 3.3kWh batteries, Shinephone monitor app and Solar iBoost+. All in the historic, grand old city of Milton Keynes.
3.84kW PV system - 16 panels of Sharp ND-R240A2 facing SE with SMA 4000TL inverter, Geo II monitor and Solar iBoost. All in the historic, grand old city of Milton Keynes.
3.84kW PV system - 16 panels of Sharp ND-R240A2 facing SE with SMA 4000TL inverter, Geo II monitor and Solar iBoost. All in the historic, grand old city of Milton Keynes.
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Comments
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With current mortgage at 89% of what you believe is current value, I'd say little chance of borrowing more.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
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Although you've spent £12k on personalising the property. Unlikely that this will all translate into an increase in value.
With the ERC remortgaging doesn't appear a financially sensible option.
Perhaps build so more equity in the property before outlaying on a conservatory.0 -
cool_techie wrote: »Hello everyone,
My situation:
3 bed semi bought (Nationwide mortgage completion date) - Dec 2012.
Property value at purchase - 183k
Mortgage pending - 170,020 (at 5.69 fix 3yrs remaining)
Early Repayment charges - 6.9k
Current valuation as per Nationiwde online tool -191k (Outer South East)
Work done
New Kitchen - 10k
Garden landscape - 2k
What are the chances of a remortgage at lower rate? Idea is to borrow more as part of the re-mortgage to finance a conservatory.
Your inputs will be helpful.
Thanks,
CT
I don't think that remortgaging is going to work. Many suppliers of conservatories will offer finance deals - you might want to go down that avenue or else get a personal loan.0
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