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Remortgage - acceptable reasons
meanbean
Posts: 170 Forumite
I want to raise £40K for school fees by remortgaging. Would have a LTV of 44% if I did so. Mortgage calculators suggest I could borrow the amount being sought affordability-wise.
My question is when I apply for a remortgage, will the new provider being applied to ask what the balance between the current outstanding amount and the amount being applied for is for?
My question is when I apply for a remortgage, will the new provider being applied to ask what the balance between the current outstanding amount and the amount being applied for is for?
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Maybe and that is an acceptable reason.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Very likely they will. Off the top of my head I can't think of anyone that doesntI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I just rang Nationwide and they said it wasn't an acceptable reason. I guess I may need a broker.0
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Most mainstream lenders will allow this at up to 60 or 65% LTV and Nationwide I believe are no exception.
Phone back Nationwide and ask the question again to give them the chance to get it right. Or, better still, engage a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What happens after the £40K dries up, most school fees are £10K+ per pupil per year based on non boarding. Not to mention the cost of uniform, expensive trips etc.
Have you looked into means tested bursaries? Some offer up to 100% of the fees as long as the child meets certain criteria i.e. bright, sporty and musical.0 -
What if your child is dim, 15 stone, and tone deaf?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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wannabeprudent wrote: »They won't pass the entrance exam so no need to remortgage :rotfl:
OH I dunno, I think if you pay enough, you can walk into most public schools. Half of the Eton boys currently in parliament for example ...Hello There. :beer:0
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