Help please - need to get more on my mortgage

lovemilk

I need to borrow an extra £17,000 on my mortgage. My parents gave me a loan 7 years ago when I took it out and now they want that back.

I called the Britannia Building Society (now Cooperative - Im on their standard variable rste at the moment) and was honest with them. They said no immediately as it is debt consolidation. What are you supposed to do if your parents helped you out initially to get you a mortgage and on the property ladder.

Should I go to other providers? Financial adviser? Out of my depth...

Thank you in advance for your help.

Thrugelmir

Start to repay the debt on a monthly basis.

Foxy-Stoat_3

Sell the house and buy a cheaper one.

I assume you didn't forget that you borrowed £17K 84 months ago, you could of put £200 in a savings account each month when you first bought your property, you would of saved up enough to pay them back by now.

lovemilk

Any other suggestions? Would a financial advisor help?

Yorkie1

I'd go and see an independent mortgage broker to see what you can get with other lenders on a remortgage for the increased sum.

Did you declare the £17K as a loan when you bought the house, or did you say it was a gift? If you didn't declare it was a loan, and try to push the issue too hard with your current lender, then they might look more closely at your file and find out that you didn't tell them the truth on original application.

Foxy-Stoat_3

What's your property worth and your current LTV?