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borrowing money from mortgage

raemon
raemon Posts: 53 Forumite
in Mortgage-free wannabe
hi everyone

i have been paying off my mortgage for 11 years and have 14 years left. Its recently been changed to a btl mortgage as I'm currently got a job abroad for a couple years. I was wondering if I am able to borrow money from my mortgage? for example if I wanted to borrow 20-40k and then the monthly mortgage go up again?

I hope I have explained it all enough.

any help would be very much appreciated

Comments

  • raemon
    raemon Posts: 53 Forumite
    please somebody give me a tip
  • Moneyminded
    Moneyminded Posts: 289 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    It will depend on your lender. Are you in a fixed term deal? What, if any, early repayment charges apply? What is your current LTV, what will it be if you take another £20k out of the equity? Does the monthly rent you receive equal at least 125% of the monthly mortgage.

    You need to provide more information if you want someone to be able to assist you. Perhaps speak with a mortgage broker to go through your individual circumstances.
    • Original mortgage end date: March 2041
    • Current mortgage end date: Dec 2032 
    • MFW 2025 #15 £628.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
    • Daily interest is currently £4.48
  • raemon
    raemon Posts: 53 Forumite
    hi thanks

    sorry i am being vague because i don't really have the terminology. i know friends that have done it but don't know how.

    i borrows 100k i have around 60k left the value of the property is around 150k

    its a two year fixed btl rate. rent is around 125%

    I just want to get a general idea if I can do it.

    Thanks
  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Your best bet is to ask your lender because they are all different in what they accept. Sorry, that doesn't seem that helpful... They are all different so would hate to give u false hope or tell you that you can't of you can
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • MovingForwards
    MovingForwards Posts: 17,153 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    This is the mortgage diary section, you are best off asking on the mortgage board as that's where the brokers hang out.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • raemon
    raemon Posts: 53 Forumite
    in the ideal world how would it work?
  • MovingForwards
    MovingForwards Posts: 17,153 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    raemon wrote: »
    in the ideal world how would it work?

    https://forums.moneysavingexpert.com/forumdisplay.php?s=&daysprune=&f=15

    Post your questions on the above board.
    Mortgage started 2020, aiming to clear 31/12/2029.
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