Reasons for Increasing Mortgage

demontfort

Hello,


I'm looking to withdraw some equity on my flat.

• Mortgage is currently 44k on a property valued at about 360k so about 12% LTV.
• I'd like to increase my mortgage by about 100k with my existing lender.

I cleared all the affordability checks but the in house MA refused the remortgage on the basis that they weren't happy with my plans to invest the cash in shares. I've now decided against investing in shares anyway but would like the cash just not sure what I'll use it for yet. So if I were to reapply what would be an acceptable explanation for the use of 100k?


Thanks,


M

kingstreet

You would need to ask your chosen lender. All are different in terms of what they will lend for.

Presumably this is a further advance from your existing lender and not a remortgage which is a new mortgage from a new lender to repay the existing mortgage and raise additional borrowing at the same time...?

A further advance will often have more restrictions on purpose of borrowing.