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Re Mortgage- question
grace
Posts: 183 Forumite
I have held off asking this question because Im sure its a really stupid one, I have a Mortgage with RBS its 8yrs old and we have never thaught about moving or changing, but we would llike some work done on the house so I have dipped a very nervous toe into the water, starting with NatWest as my Bank account and home insurance is with them.....
Now on the website they call it Mortgage Switching...is it switching is the debt transfered from one lender to the other? or do you pay off the original debt with the new (switched morgage loan) and take out whole new debt with the new lender? sorry its long....
Now on the website they call it Mortgage Switching...is it switching is the debt transfered from one lender to the other? or do you pay off the original debt with the new (switched morgage loan) and take out whole new debt with the new lender? sorry its long....
BOI Credit Card = Was £3500.00 Now £0.00
GE Capital Store Card= Was £1800.00 Now £0.00
GE Capital Store Card = Was 1300.00 Now £0.00
Credit Union Savings Now £200.00 :T
GE Capital Store Card= Was £1800.00 Now £0.00
GE Capital Store Card = Was 1300.00 Now £0.00
Credit Union Savings Now £200.00 :T
0
Comments
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You can either ask your current lender for a further advance, leaving your existing mortgage as it is. You end up with one mortgage, split into two sub accounts.
Alternatively, you can apply for a new mortgage to a new lender. You borrow what you need to repay the current mortgage and the extra money you need for your improvements. This is a remortgage.
Establish what your options are and choose the most cost-effective route for you.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 -
Thank you thats kind of what I thought it was....just the wording on some of the websites isnt very expicit....BOI Credit Card = Was £3500.00 Now £0.00
GE Capital Store Card= Was £1800.00 Now £0.00
GE Capital Store Card = Was 1300.00 Now £0.00
Credit Union Savings Now £200.00 :T0
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