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Borrowing more from current mortgage lender
silverchoice
Posts: 225 Forumite
We are helping our daughter buy a new house by paying her deposit and legal fees from the overpayment fund of our mortgage.
However her house needs some building work doing to it as well. Do you think the mortgage lender would allow us to borrow another £10,000 to pay for this? Our mortgage is about 30% of the value of our house.
Another thing is we are probably going to downsize soon and pay off the whole mortgage. Would you mention this to the lender?
However her house needs some building work doing to it as well. Do you think the mortgage lender would allow us to borrow another £10,000 to pay for this? Our mortgage is about 30% of the value of our house.
Another thing is we are probably going to downsize soon and pay off the whole mortgage. Would you mention this to the lender?
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silverchoice wrote: »We are helping our daughter buy a new house by paying her deposit and legal fees from the overpayment fund of our mortgage.
However her house needs some building work doing to it as well. Do you think the mortgage lender would allow us to borrow another £10,000 to pay for this? Our mortgage is about 30% of the value of our house.
If you can afford it why not?silverchoice wrote: »Another thing is we are probably going to downsize soon and pay off the whole mortgage. Would you mention this to the lender?
They may be hesitant to lend if they think you are selling soon - they are not in the business of 'short term' lending. Also you need to watch for early redemption penalties.
A secured loan may be more appropriate here.
Speak to a BrokerI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
What about if I don’t tell them we are thinking of moving?0
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