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Loan before remortgaging
Tsanderton
Posts: 2 Newbie
Hi everyone
Wondered if anyone could offer some advice. We are looking to do some internal renovations/improvements to our house, likely to come in around 10k. We've looked at loans and they're good rates and easily affordable monthly payments. Only thing is our current mortgage fixed rate ends next October, so we'll be looking to remortgage in the run up to then.
We weren't sure whether taking out the loan around a year before the remortgage would be an issue or whether we should wait until after?
Cheers
Tom
Wondered if anyone could offer some advice. We are looking to do some internal renovations/improvements to our house, likely to come in around 10k. We've looked at loans and they're good rates and easily affordable monthly payments. Only thing is our current mortgage fixed rate ends next October, so we'll be looking to remortgage in the run up to then.
We weren't sure whether taking out the loan around a year before the remortgage would be an issue or whether we should wait until after?
Cheers
Tom
0
Comments
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If the loan is a commitment at the time of applying for a remortgage, it will reduce your affordability. otoh, if you are considering a product transfer (staying with the same lender), it should have no impact.
It all depends on your affordability as per lender calculations.0
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