7 Months In - Additional Mortgage

Scale_Rule

Hi,

We started our Nationwide mortgage 7 months ago. However we now need to take a further advance to help fund an extension to the property.

The question is....is it too soon? Will Nationwide even look at it? If i'd known at the time I would have just plumped for a mortgage with a smaller deposit.

Property value currently: £280,000
Outstanding Mortgage: £165,000
Value of building works: £85,000
Additional Borrowing required: £25,000 (have £60,000 cash to use)
Remaining term 24 years 5 months

Thanks in advance.

Thrugelmir

Scale_Rule wrote: »

Will Nationwide even look at it?

Sure they will. The outcome though depends on many other factors.