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Confused with re-mortgage?
hunnybugs1
Posts: 198 Forumite
Hi
We currently have a mortgage with the Alliance & Leicester but want to borrow some money for home improvements. The problem is that we have a personal loan which has 2 years left to run. We have thought about adding this to the mortgage as well as we are struggling a bit to pay both. Is this a good idea or not? Also, if we just add to the existing mortgage, do Alliance and Leicester charge a higher rate of interest for the additional borrowing and, if so, would it be better to change lenders?
We currently have a mortgage with the Alliance & Leicester but want to borrow some money for home improvements. The problem is that we have a personal loan which has 2 years left to run. We have thought about adding this to the mortgage as well as we are struggling a bit to pay both. Is this a good idea or not? Also, if we just add to the existing mortgage, do Alliance and Leicester charge a higher rate of interest for the additional borrowing and, if so, would it be better to change lenders?
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Comments
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Hunnybugs1, A little difficult to answer your questions as you dont list the property value existing mortgage, loan details and incomes.SimonI am a Mortgage Adviser
You 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.I 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.(Perspective Finance - FSA Regulated 453002)0
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