Nationwide borrow more

balancelife

Hi,

We started out in 2004 with a 5yr fixed with nationwide and in 2009 we moved and took an additional amount with them on a 2yr tracker.
We are on the BMR of 2% above Bank of England etc for both these mortgages and overpay on the main one.

We want to have a conservatory/ extension added and have quotes on this and thought the best option may be to add this to our mortgage(s).

We owe £100,000 in total across the mortgages and want to borrow £30k more.

Should we bring all together and pay one fee and fix or is it better to leave the two on bmr and borrow additionally?
I know we could borrow back as well but not sure how this works?

Any thoughts to get us started would be great!

Thrugelmir

You don't want to lose your existing BMR rate. Ring the NW and see what products and rates are on offer to you.

balancelife

Thanks. We made an appointment when we started thinking bout the extension before we started quotes but they rang the day before the appointment and told us unless we were ready to sign we should just look on the web as all the info was there so not sure how much luck we will have.

We can have a 4 yr fixed at 2.18% but there's a £1000 fee so wasn't sure whether to do that for just the extra borrowing or be tempted away from the bmr now? If we put it all together and stink to our remaining term of 14 years then it's cheaper on payments than just taking the additional borrowing. But in 5 years time obv won't revert to the old bmr! But we could remortgage again then. Always felt we should hold on to that bmr thou so a tough one.

Also..simple question maybe but...we want to borrow this extra money but will obviously need the money to our hands and pay the company building the extension....how do you actually do that?? Just have it paid into the current account ourselves?