Additional borrowing on a mortgage - mortgage broker?

AndyLiverpoolFC

We have a currrent mortgage which doesn't end for two years but we wish to borrow some additional money to help fund an extension. Our usual financial advisor/mortgage broker says we have to do this directly ourselves as it has to be with our current mortgage provider. I agree with this but just hoped a broker could contact the provider on our behalf, explain our outgoings etc etc. Is this something a broker would do if I contacted someone else?

It just takes a lot of the worry away. We struggled to get a mortgage in the past until our broker stepped in so we're keen to do everything through a broker now...

foxy-stoat

What is your current numbers, LTV etc?

Nothing wrong with you contacting the lender directly and do an application over the phone.

Have you checked the lenders web site to see how they view release of equity?

amnblog

Lenders often won't let a broker in the loop on a further advance.


This does not stop a broker supporting you in the background which we sometimes do for clients.

AndyLiverpoolFC

Owe £189K and looking to borrow £40k for home improvements on a house valued at £280k. (£320k following improvements) so LTV is a little under 82%. Wife and I both earn £35k.

'What can you borrow' calculators stack up and our outgoings are probably one wage with the other completely free.

Happy to go in to speak directly to the mortgage provider. If we ask for the full £40k and it's rejected, are there then options to drop to £35k or £30k? Or will the first credit search/check and subsequent rejection at £40k ruin our chance once and for all?

Also, would it make any difference getting the LTV below 80%?

Contemptuous

You need to check with your lender if they're happy to lend you above 80% LTV - some cap it at that.

Are you concerned with your credit score? Because if you're rejected due to your score, dropping the loan amount won't help.

AndyLiverpoolFC

Contemptuous wrote: »

You need to check with your lender if they're happy to lend you above 80% LTV - some cap it at that.

Are you concerned with your credit score? Because if you're rejected due to your score, dropping the loan amount won't help.

I don't know what our score is but I've never (to my knowledge) missed any payments, no CCJ's or Bankruptcy. Always a bit of debt but always very manageable.

Just deciding whether to go in for £30k or £35k to increase our chances or the full £40k for that better kitchen!!

ACG

Who is your lender?
I have had 2 similar enquiries from past clients one with Nationwide and another with Natwest and both lenders wanted the client to go direct to them. I offered to go through an application form with them both so they had everything they needed, one took me up on the offer (and sent me a nice bottle of Brandy ) the other was happy to do it on their own.

Thrugelmir

AndyLiverpoolFC wrote: »

Always a bit of debt but always very manageable.

What's a "bit" of debt? Credit cards, personal loans, HP on cars?