Need More Space!

MANNYALLI

I Am Looking For Some Advice On Borrowing On My Mortgage, We Have Had Our Current Mortgage For 12 Years Borrowed 35,000 And Currently Owe About 28,000. We Seriously Need More Space For Our 3 Teenage Children And Are Looking At An Attic Conversion. Because We Dont Owe Much On Our Mortgage And Only Have 13 Years Left To Go I Am Completely In A Muddle About What Is On Offer For Us, We Would Like To Borrow Another 50,000 On Top Of What We Owe But Not Extend The Time We Have Left. Has Anybody Got Any Ideas What Would Be The Best Way For Us To Go? We Have A Pretty Good Credit Rating.

JoeK_3

You can apply to your existing lender for a 'further advance.'

Depending on your circumstances, this should be granted.

Please post the following:

Property value
Incomes
Adverse credit history

JoeK

MANNYALLI

I Would Say That The Current Value Of The House, Going Off The Market Around Here Is About 105,000. We Have No Ccjs Or Anything Just A Couple Of Missed Payments Or Late Payments Cos I Am A Bit Of An Airhead And Forget Things.

MANNYALLI

Income Is About 35.000 Per Year.

JoeK_3

That could prejudice your current lenders decision to increase the loan amount.

Why not open a budget account that pays all the bills oautomatically each month.

What are your incomes?

Joe

JoeK_3

Based on the info, your first port of call should be your existing lender.

If they say no, a good whole of market mortgage broker should be able to help you with a remortgage.

JoeK

MANNYALLI

We Do Have A Current Account That Pays A Lot Of The Bills By Direct Debit But I Am Self Employed So I Get A Lot Of My Money In Cash, So Direct Debits Are Not Always The Best Idea. Been On To My Existing Lender Which Is Nationwide. 50,000 Over 12 Years Would Be An Additional 550,00 Per Month!!!!!! That Is Treble What I Pay Now.

JoeK_3

You could ask them to extend the term for you to an affordable monthly figure.

JoeK