Renew - Re-mortgage Help Needed

Charleys_Cat

Hi we currently have a Tracker Mortgage that was fixed for 2 years and now is nearing end. Our property is worth about £170 Thousand ish and our Mortgage left is approx 50k so loads of equity. When we come to re-new we normally have to pay a £250 ish set-up fee. We were wondereing as we want to turn our downstairs cupboard into a w.c if we could add say £2k to mortgage to cover this or would we need to re-mortgage and go through all the hassle or surveys etc which would cost us a fortune any help advise more than welcome. Sorry we are with the Nationwide do not know if this helps, Many Thanks.

herbiesjp

Sounds pretty straight forward.

At that level of borrowing you may well be better off looking for fee free deals, and potentially a lifetime tracker may be a good option to look at, so that you are not constantly changing mortgage provider and incurring exit or start fees on a relatively small mortgage amount

MortgageMamma

Could you raise the money for the work any other way than securing it on your home? Have you obtained quotations for the work that needs to be done?

Charleys_Cat

Many Thanks for above replies, I did not know you could do a lifetime one very interesting normally offered 2 3 or 5 years ones, as to raising the 2k for w.c. we have had quotes from putting up wall to putting down the floor and 2k is about right inc contingency for £200 for extras. As to raising it dont want a loan as I have one that is due to expire in 10 months and did not really want another if I can avoid it,

Charleys_Cat

sorry forgot to say when our deals have run out we have stayed with same company just renewed the deal have never paid exit fees just renewal fees to same provider.

herbiesjp

Charleys_Cat wrote: »

Many Thanks for above replies, I did not know you could do a lifetime one very interesting normally offered 2 3 or 5 years ones, as to raising the 2k for w.c. we have had quotes from putting up wall to putting down the floor and 2k is about right inc contingency for £200 for extras. As to raising it dont want a loan as I have one that is due to expire in 10 months and did not really want another if I can avoid it,

No problem

Shoudl be very easy for you to arrange - there are similar deals out there, so if you are going to go direct (rather than via a broker) make sure to look at the set up and exit fees