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Additional borrowing on mortgage
Youthgonewild
Posts: 169 Forumite
Hi all,
My mortgage deal expires next year and I be looking to switch my mortgage rate as I will have a better LTV by then. I was wondering if I were to borrow additional money, would there be a separate interest rate or would it have it's own (potentially higher) interest rate?
Thanks in advance
YGW
My mortgage deal expires next year and I be looking to switch my mortgage rate as I will have a better LTV by then. I was wondering if I were to borrow additional money, would there be a separate interest rate or would it have it's own (potentially higher) interest rate?
Thanks in advance
YGW
Mortgage balance October 2015: £99875 Mortgage balance June 2023: £69999.40
0
Comments
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Hang on, that makes no sense 😂 would the additional money be lumped in with the current mortgage balance and the same interest rate applied... or will it have it's own subaccount with higher interest rate.Mortgage balance October 2015: £99875 Mortgage balance June 2023: £69999.400
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Has nobody ever borrowed more money when remortgaging?Mortgage balance October 2015: £99875 Mortgage balance June 2023: £69999.400
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Remortgaging and borrowing more usually gives you 2 products within a single mortgage at the same rate0
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Thank you JMA, that is extremely helpful in helping me decide my next steps.Mortgage balance October 2015: £99875 Mortgage balance June 2023: £69999.400
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