I want another mortgage after paying one off

Colin_Jenner

Hi
I'm looking for a loan to pay for an extension to my house, for which I paid the mortgage off some years back. But now want to borrow again. The thing is, I'm not a first time buyer, nor am I really remortgaging! it's only a small (30K) loan, so I should be able to get a good rate (LTV =13%) so I'm keen know what my position is.
thanks

Mutton_Geoff

Colin_Jenner wrote: »

Hi
I'm looking for a loan to pay for an extension to my house, for which I paid the mortgage off some years back. But now want to borrow again. The thing is, I'm not a first time buyer, nor am I really remortgaging! it's only a small (30K) loan, so I should be able to get a good rate (LTV =13%) so I'm keen know what my position is.
thanks

Why not ask a broker? Do you have any other more expensive debts/loans?


Interest rates are usually fixed by the lender but the approval for that loan is dependent on your own credit rating determined by the lender (not your credit score visible through the usual sites).


There are many other criteria that will affect the interest rate and your repayments, mortgage term, your age (ie time left to repay) etc.

spadoosh

Speak to a mortgage advisor about getting a mortgage on an unencumbered property. Theyll have a much better idea of the lending criteria from various lenders.

The terminology is largely irrelevant, so purchase or remortgage doesnt really matter, what matters is the criteria for lending.

Depending on income levels/affordability another option could be equity release.