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mortgage and new loan
debj_3
Posts: 12 Forumite
Please help, I'm confused!
We have an £80,000 mortgage £48,000 of which is capital and interest. The balance we will pay with an endowment which is for £45,000 which is just as well because it will only just reach what we actually need.
We want to build an extension and will need to borrow £20,000. I am about to re-mortgage prob. with another fixed rate for next 2 or 3 years.
What is the best way to raise the £20,000? Is there anyway of getting it as a lump sum on top of £48,000 on capital and interest repayments by saying we don't want to rely on the endowment? Does this make sense?
Other best way of doing it?
thank you so much for any suggestions,
Debj
We have an £80,000 mortgage £48,000 of which is capital and interest. The balance we will pay with an endowment which is for £45,000 which is just as well because it will only just reach what we actually need.
We want to build an extension and will need to borrow £20,000. I am about to re-mortgage prob. with another fixed rate for next 2 or 3 years.
What is the best way to raise the £20,000? Is there anyway of getting it as a lump sum on top of £48,000 on capital and interest repayments by saying we don't want to rely on the endowment? Does this make sense?
Other best way of doing it?
thank you so much for any suggestions,
Debj
0
Comments
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You can indeed re-mortgage and add the extra £20k onto the £48k - simply specify the amount and the reason to the lenderI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thanks for your answer. So if we say it is for building work do we not get put on a higher (additional borrowing) rate?0
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You get put onto the same re-mortgage deal you are going forI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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