Second mortgage / extension

Hoopie1

I am planning on an extension and pretty large-scale refurbishment of my house. This is a big project (bigger than I imagined), however it is something that my wife and I want to proceed with.

We will be funding most of it but will need probably an additional £100k, which I would seek to fund with a second mortgage. I think I will meet the credit criteria for this and the existing plus envisaged second mortgage should keep the aggregate LTV ratio below 50%.

I would like to keep repayment on the second mortgage as flexible as possible and would be happy to have some sort of variable rate/payment in full at maturity with the aim to repay before that, so something with minimal or no charge for early repayments would be perfect.

Does anyone have any experience with this, or can they recommend a good broker?

foxy-stoat

Speak to your current lender for additional borrowing, would be my first call.

Thrugelmir

Plenty of products are flexible. Though more than would have to be interest only if there was no structured repayment. Suggest that you more clearly define exactly what you are looking for / hoping to achieve. For a £100k loan suspect there's little off the shelf that's going to be as adaptable as you describe.

Hoopie1

Thrugelmir wrote: »

Plenty of products are flexible. Though more than would have to be interest only if there was no structured repayment. Suggest that you more clearly define exactly what you are looking for / hoping to achieve. For a £100k loan suspect there's little off the shelf that's going to be as adaptable as you describe.

Thanks for the responses.

Basically a fair part of my income can be bonus driven - however this is by no means guaranteed. What I am trying to do is have the option to use this to pay down the second mortgage if/when it arrives. I'd obviously like to do this without penalty charges if possible.

mistertea

Look at the Mortgage Best Buys section on the main MSE website, there is a filter box you can tick on the left which will "only show mortgages with no early repayment charges".

https://www.moneysavingexpert.com/mortgages/best-buys/