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Additional Borrowing on Renmortgage
Samsung_Note2
Posts: 774 Forumite
When you ask for additional funds over the amount you need to remortgage (so you need 100k and want to borrow say 130k house value at 175k) how information does the mortgage provider want to know in regards the extra cash.
Does the reason have to be agreeable to them or is it solely worked out on house value and affordability.
Hope that makes sense.
Does the reason have to be agreeable to them or is it solely worked out on house value and affordability.
Hope that makes sense.
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Comments
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You'll normally have to say what it's for (home improvements, consolidation etc.) If home improvements, you may have to give details of any quotes you've had depending on the lender & your circumstances.0
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If you need the money to clear your credit card debts or loans from gambling they may want a whole lot more information !0
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Purpose of increased borrowing is very important.
It can determine max loan to value as lenders will often top-out at a lower maximum for debt consolidation and/or capital raising.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Lenders are going to know the extent of your indebtedness. This will be factored into any decision. Affordability being just one perspective.0
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Thanks guys..its not debt consolidation,i do have a few grand on cards but nothing major and only gambling is National lottery...lol
What if you wanted to fund a property oversea"s...wife owns land and quite tempted to build a house out there,rough costs is 20k.0
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