Getting a bigger mortgage?

On_Stanley_on

Morning All,

Just a quick question. I bought a house last June/July and have done a lot of work to it, I feel that it is worth more now than when I bought it, and need to pay off my credit card and a loan. I am hoping that I can borrow some more money against the current mortgage I have. Is this possible?

Cheers

OSO

DSmiffy

I'll be interested in any replies to the OP's thread, I am in the same position, with very limited finances.

kingstreet

What's the loan to value likely to be? You'll have a much better chance it it's under 75 - 80%.

If you plan to keep your existing mortgage, additional borrowing is what you'll require from your existing lender and many don't lend for debt consolidation.

You might as well phone your lender and ask as any answer you get on here will be purely speculative.

lucie_1985

Who is your mortgage with and what size are the loans? I know that Nationwide will only allow additional lending allocated to debt consolidation up to £5k.

On_Stanley_on

lucie_1985 wrote: »

Who is your mortgage with and what size are the loans? I know that Nationwide will only allow additional lending allocated to debt consolidation up to £5k.

Its a Halifax mortgage. I paid a £30k deposit for a £95k house, my credit card is £12000 and loan of £20k. the monthly repayments are new killing me especially on the credit card. I have tried to swap the balance to a 0% card but I can't seem to get anyone to over more that £1200.

OSO

dimbo61

How much is the property now worth?
If you have spent £32,000 on the property I assume you have built an extension ?
You may have to sell and clear your debts

Mortgage_Mark_2

Halifax will allow you to potentially take a further advance 'top up' in addition to your main mortgage, after six months, up to 80% LTV (soon to change to 85% LTV).

I'd give Halifax a call and ask for their index-linked valuation, as this will likely not be enough if you've improved the value of the property, and you will almost certainly have to pay for a new valuation.

Alternatively speak to an independent mortgage broker as they can help with this, and save an awful lot of work for you.

amnblog

There should be a number of lending options if the equity is there in the property.


Use a broker to get it right.