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Can you borrow more on a fixed rate mortgage?
ballisticbrian
Posts: 4,002 Forumite
in Loans
Can you borrow more on a fixed rate mortgage?
I want to refinance my partners loan on a better rate, can I add it on my mortgage and what will happen to the fixed rate on there? (the base rate has gone up since I fixed for 5 years)
My partners loan is a long term loan on 7% which needs looking at. Any advice welcome!
I want to refinance my partners loan on a better rate, can I add it on my mortgage and what will happen to the fixed rate on there? (the base rate has gone up since I fixed for 5 years)
My partners loan is a long term loan on 7% which needs looking at. Any advice welcome!
Warning: any unnecessary disclaimers appearing under my posts do not bear any connection with reality, either intended, accidental or otherwise. Your statutory rights are not affected.
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Comments
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Any additional borrowing will be treated as new seperate application.0
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Does that mean a separate mortgage application or is an application something you can have more than one of in a mortgage?Any additional borrowing will be treated as new seperate application.Warning: any unnecessary disclaimers appearing under my posts do not bear any connection with reality, either intended, accidental or otherwise. Your statutory rights are not affected.0 -
Making unsecured debt secured is not a great idea.
7% isn’t that bad a rate. How much is outstanding on the loan? How long has it got left?0 -
I don't have the exact figures in front of me but it was about 15,000 over 80 months.How much is outstanding on the loan? How long has it got left?Warning: any unnecessary disclaimers appearing under my posts do not bear any connection with reality, either intended, accidental or otherwise. Your statutory rights are not affected.0 -
ballisticbrian wrote: »Does that mean a separate mortgage application or is an application something you can have more than one of in a mortgage?
A mortgage is the legal charge placed on a property to secure the debt owed.
You can have multiple loan accounts from the same lender secured under the one mortgage charge.
A mortgage has become the term for a loan secured by property as surety.0
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