Advice on additional borrowing

ferry

We're looking to borrow an additonal £5k on top of our mortgage with our existing lenders,but not sure how to go about this.
Is this like a new mortgage application and will we be credit checked again?
We have a £115 mortgage on a property worth £260k...
We're only about 4 months into a fixed term deal with the C&G-I imagine we need to wait longer..?

Also is it good practice to remortgage for the whole 2 amounts when the 2 years are up or can we leave the additional borrowing with the C&G if the rate of the new mortgage in 1yr 8months time is a higher rate?

Thanks for any advice

F.

Perspective

Hi Ferry, you can ask for a further advance from C&G. They will offer you a choice of rates, on this amount I would suggest a penalty free tracker, tht means when your fixe deal expires on the big part you can remortgage the whole amount with c&g or go to another lender. Simon.

I 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.

payless

very limited products range available if under £25K .. its all on website

think standard rate is only penalty free deal , and only option with no arr fee

ferry

Thanks guys.

Out of interest will an application be treated as a type of new Mortgage application and thus be credit checked etc..?

payless

any C&G or LloydsTSb can do it, or over phone or web...
yes likely to redo credit check