Getting money out of a mortgage to repay parents

Hi

5 Years ago I bought a flat with deposit help from my parents. The mortgage deal I was on has now finished, and I am looking at trying to remortgage to pay this money back, but when I am looking for borrowing more people are asking for reasons for borrowing more than the current mortgage.

I have just spent a significant amount of money renewing the lease on this flat, but have been told that because I have already spent this this does not count as a reason to borrow more. Is it typically hard to borrow more money on a mortgage now, or is this the lender I was approaching only - I have noticed several others wont let you take out more than the outstanding mortgage via online applications.

Replies

  • glosoliglosoli Forumite
    739 Posts
    Eighth Anniversary 500 Posts Combo Breaker
    ✭✭
    Borrowing additional funds to repay parents is a valid reason for additional borrowing with many lenders. Just be careful that on the original application the deposit from them wasn't declared as a "gift". In any case, applying online has it's limitations, you should phone and speak with someone to discuss what you are looking to do, and if you hit hurdles then maybe contact a mortgage broker.
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