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Extra Borrowing
wills7
Posts: 109 Forumite
I have had my mortgage for 10 ten months now, if i wanted to borrow some more money off them for home improvements how would it work? Could i add it on to my mortgage and have low repayments over a the length of my mortgage or would it work as a personal loan and have a different intrest rate and could i only borrow for say 5 years? I have about 60 thousand equity in my house if that helps...
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Comments
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Ask them for a further advance for home improvements.
It would be over the same term as your mortgage.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Would they need to do a credit search on me? I only really want to borrow about 2000 so i'm thinking this would be only an extra few quid on my repayments or am i completley wrong as i've never done it before?!0
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All extra borrowing involves credit searches and income verification checks.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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