Question about further mortgage borrowing

Kitty34

Our house is worth approx 200-220K and we have two mortgages on it. A nationwide lifetime tracker currently at the nationwide floor (£86,000 outstanding) and a nationwide fixed rate which expires in Feb (£66,500 outstanding). We are looking to borrow an extra 10K for some home improvements. I am assuming that nationwide will not let us borrow extra on the tracker. But can we borrow extra on the fixed rate mortgage? Or do we effectively take out a third mortgage on the same property?

holly_hobby

Yes, the further advance would be a 3rd sub-account under the main mortgage account - with a product selected from their current portfolio.

Hope this helps

Holly

Kitty34

Thanks :-)