Advance on a mortgage - help & advice needed

30andcounting

Good afternoon.

In the process of remortgaging my house with Natwest - reason for remortgage is an extension. Because of COVID (worst possible time for my fix to end!) they have agressively downvalued our house so we are unable to borrow as much as we'd hoped. 

My broker told me that they should be able to start to offer an advance on your mortgage around 6 months into the fix should you need it (I think we are going to be about 15K short, will have enough to get the shell up and first fix of everything).

I have never done additional borrowing before on a mortgage, only ever remortgaged when my fix was up. 

Im ok with our affordability to do it, I'm more concerned about the rate we will get, are these much higher than my rate on new mortgage (1.8%) or should i potentially borrow off parents and wait til 2 year fix is up and remortgage then to repay them. 

Just trying to plan ahead, anyone in this boat before I'd be keen to understand how you navigated it. I dont want to go down the personal loan route or credit cards. 

Thrugelmir

Economic impact of Covid hasn't been felt yet. If you borrow your parents then there's nothing to stop you starting to repay them as if you had a mortgage. Also you'll know that you've the funds to complete the job. 

ACG

I cant imagine they have downvalued it due to covid. If they have, yours is the only property I have come across where that has happened. 

They are doing desktop valuations at the minute, so if yours is valued at more than other properties in the area for any reason or the recent property sales were things like old peoples houses or repossessions that could be the reason but I have had a mortgage offer issued yesterday that came in on the money all ok.