Re Mortgage question. (First time buyer)

crabbycrabcrab

Just bought a house last year. Its on a fixed rate for two years.

My plan is to over pay as much as possible without getting fee'd. So i payed 10% off for this year and will do it the next year. As you can see I want to pay it off asap and as cheap as possible.

When the fixed rate ends, I was told the rate will change to the SVR which will be higher. So i think it would be good to remortgage from what i have read here.

If i re mortgage. Is it possible to put alot of money down and then borrow the rest of the new bank with the new fixed rate?

Ie, Mortgage is 100k. When I remortgage I have 80k left of the debt. I want to put an extra 30k down and just borrow 50k from the bank.

Hope this makes sense :P Ty!

stator

Sure, if you remortgage you can change anything, as long as the bank are willing to lend you the money.
The costs of remortgaging are higher than just changing product though. At the end of your fixed term you can enter a new fixed term with the same bank without doing a full remortgage.

crabbycrabcrab

Thank you for your reply!

That is good to hear

I know all banks are different, but is it possible to change product and put more down? Like my idea with the remortgage. Or doesn't it work like that?

Thrugelmir

The amount you can overpay on your mortgage will be determined by the product at the time.

amnblog

Once you are out of your fixed rate period you should be free to pay off what you want before you take another product Crab. Regardless of whether you stick with your current lender - or pick a new one.

Yorkie1

amnblog wrote: »

Once you are out of your fixed rate period you should be free to pay off what you want before you take another product Crab. Regardless of whether you stick with your current lender - or pick a new one.

Presumably as the amount being borrowed is changing, the OP wouldn't be able to do an online product transfer but would have to go through the affordability assessment?