Remortgage for extension

leanneq

Hi
We have a property which has £130k equity and we need £70k to fund an extension.
Our broker has said to get a mortgage with nationwide as there's no tie in, then remortgage again once the work is complete to get the best loan to value. Does this sound right?
We're with Halifax now but tied in until February. We're getting out early as we need the work done. Is there any sense in getting additional borrowing from Halifax?
Thanks

glosoli

Is there any penalty for leaving your existing product? You could obtain additional borrowing through Halifax on a product with no early repayment charges, and then when the work is complete (hopefully prior to the expiry of your existing product) then you could re-mortgage the entire amount into one balance on one rate of interest based on what will hopefully be an improved LTV position.

leanneq

Yes there is a penalty but we're willing to pay it as we want the work to start in September
I wasn't sure Halifax have a no redemption mortgage