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Can you borrow anything on the same great mortgage rate (BR+0.17%) which you have almost paid off?
minimalist_baker
Posts: 11 Forumite
We have a Woolwich mortgage that we took out in 2007. We borrowed £130k and have paid most of it off, leaving just £180 left to pay (we have a £250 mortgage fee and just did it so we pay £1 a month on the balance and they protect the deeds).
We need to borrow some money again for a bigger house, but want to try and keep this great mortgage deal (the broker in 2007 said this was one of the best trackers she has seen).
Is it possible to add some money back onto a mortgage or is it just a case of having to get a remortgage of another mortgage product or lender?
We need to borrow some money again for a bigger house, but want to try and keep this great mortgage deal (the broker in 2007 said this was one of the best trackers she has seen).
Is it possible to add some money back onto a mortgage or is it just a case of having to get a remortgage of another mortgage product or lender?
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Comments
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Any new borrowing now is going to be on today's terms, not whatever people were prepared to lend at 13 years ago.
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Deeds are now held electronically at Land Registry. No value in the paper copies.0
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Some flexible products do allow borrow-backs, so ask your lender as there is no "one size fits all" approach in the mortgage market. You are likely to find you can't increase the term, so the payments may make this prohibitive even at a lower rate.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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minimalist_baker said:We have a Woolwich mortgage that we took out in 2007. We borrowed £130k and have paid most of it off, leaving just £180 left to pay (we have a £250 mortgage fee and just did it so we pay £1 a month on the balance and they protect the deeds).
We need to borrow some money again for a bigger house, but want to try and keep this great mortgage deal (the broker in 2007 said this was one of the best trackers she has seen).
Is it possible to add some money back onto a mortgage or is it just a case of having to get a remortgage of another mortgage product or lender?That's not been necessary since the mid 90's. And certainly unnecessary in your case since you bought well after that, its all electronic.You may have a Woolwich overdraft type mortgage (forget the exact name), I had one, that would allow you to borrow at your current rate, it actually came with a cheque book. Well worth checking into.1
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