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Will borrow back of over-payments affect re-mortgage in Sept?
I have a 5 year fixed mortgage with Nationwide which ends this Sept and have been overpaying every month so have £5k in the pot which I can get back at anytime.
I had no plans to borrow back but I now need to access this cash due to needing an automatic car for a knee injury. I will be re-mortgaging with them and hope to borrow an extra £20k for home improvements, this will still keep the LTV below 50% as I had a large deposit.
My question is will this borrow back affect my re-mortgage does anyone know?
Income is £20k and I hope to borrow £72k with house worth £150k so some equity. Current mortgage is £52k
Thanks for any advice
Comments
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You probably have the same chance of pulling £15,000 or £20,000 out - your still under 4 times salary. Depends on other debt levels and personally circumstances.0
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