getting a loan on top of a mortgage

antoniomontana

im looking to remortgage my house but the most i will be able to borrow is around £110 000.
I need about 25k-30k more on top and was wondering if its possible to take out a loan on top of the mortgage and if so, what companies and types of loans should i be looking at.

thanks

payless

secured or unsecured ( secured usually allow longer term) may be available ( many use different calculation methods) , but will usually be higher cost than mortgage rate and often come with penalties ( albeit new rules on secured loan early repayment penalties coming in soon)

2 points I would have

a. Have you ensured that all mortgage lender have been looked at ( some lend higher amounts than others)

b. If so , could you really afford additional borrowing on top of max mtg ? or is it to consolidate anyway- if so be very careful as could spiral if not careful

antoniomontana

ive looked at a few and there all around the 110k mark, but do you have any suggestions on certain lenders which tend to borrow relatively more?

i definitely want a loan without early repayment penalties (this is the first time ive ever looked at taking out a loan, and fining people for paying back more seems scandalous!) as im pretty sure ill be able to pay it back comfortably(and as quickly as possible), the problem is getting the money in the first place.

Also with a loan (without erp), if i for example select to repay over a 60 month period, but then decide to pay back quicker than required, will i still be forced to pay the total amount inc interest i would have owed if paying back the loan had covered the full 60 month period?

payless

antoniomontana wrote:

ive looked at a few and there all around the 110k mark, but do you have any suggestions on certain lenders which tend to borrow relatively more?

Some lenders use " affordability tables"- other , with a good credit score will consider higher than usual multiplers. But each case is different (some good for single people, others for joint , professional etc) - also need to be careful that by choosing a lender taht will lend more , you don't end up paying a premium rate. I make a point of trying not to name particular lenders on these boards, as it might be considered as advice on a regulated product - which I feel really should not be given without a fully history/ criteria/ suitability match.

The comparison sites often don't always the highest income multiplers
( although again as I said can be risky to take them to the limits- check what you can afford)
--

johannamse

try the abbey or if for greater mortgage amounts