Remortgage on a fixed rate

rahman1995

Hi

In theory, if I had a 5 year fixed mortgage, with the same lender could I remortgage and take out 100k during the fixed period. Is this possible ?

Thank you

glosoli

Yes it would be an additional borrowing application, the new borrowing would be set up on a separate product than the first part, on an interest rate that was available at the time. You would therefore have two mortgage payments going out with each month.

Just watch out though, if you were subsequently declined for the additional borrowing, and you had to remortgage elsewhere during the tie in period of your existing borrowing in order to raise the funds, then you could be subject to an early repayment charge.

Thrugelmir

Choose your lender wisely. The purpose of the funds released may have a bearing on their decision.