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Borrowing more on my mortgage
Marcusian
Posts: 70 Forumite
I have a 60/40 shared ownership mortgage - my 60% meant a 94.5k mortgage over 23 years, I pay 423 a month.
My income has doubled since i initially bought the house due my business launching/growing hugely and while going on a few month journey of how best to set up my financial future, I decided to over pay a lump sum of 4k as well as soon to be 6 monthly payments (a mistake in hindsight).
Anyway - I want to lend more on the mortgage, i am saving/investing at a rate of knots (to potentially get a buy to let) and once my 6 months has passed, I want to try (in my simple terms) get my 4k back out I overpaid.
Halifax, my lender says it's a minimum 10k on their website - I have no issue with this.
I could totally be missing this, but my understanding is that I can apply to lend another 10k on my mortgage (1.8% fix for 5 years), with the 4k overpayment, this would essentially be say an additional 7k in real terms? (again this might be simplistic).
Can someone check that makes sense and how likely I would be to get the extra loaned to me?
My income has doubled since i initially bought the house due my business launching/growing hugely and while going on a few month journey of how best to set up my financial future, I decided to over pay a lump sum of 4k as well as soon to be 6 monthly payments (a mistake in hindsight).
Anyway - I want to lend more on the mortgage, i am saving/investing at a rate of knots (to potentially get a buy to let) and once my 6 months has passed, I want to try (in my simple terms) get my 4k back out I overpaid.
Halifax, my lender says it's a minimum 10k on their website - I have no issue with this.
I could totally be missing this, but my understanding is that I can apply to lend another 10k on my mortgage (1.8% fix for 5 years), with the 4k overpayment, this would essentially be say an additional 7k in real terms? (again this might be simplistic).
Can someone check that makes sense and how likely I would be to get the extra loaned to me?
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