secured loan through mortgage company or other?
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I need to borrow around 10k but I already have one unsecured loan so I was thinking the best would be to look at a secured loan. Would it be better to approach my mortgage company (Clydesdale) to borrow more on my mortgage as I currently have over 70k in equity or should I search for a better deal on the site for a secured loan with another provider?
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One option is to increase the mortgage with the current lender. (Remortgage with existing lender and increase amount borrowed.)
Second option is to remortgage to a different lender with the increase in the amount borrowed wrapped up in the remortgage.
Third option is to keep the current mortgage and take additional secured borrowing from a different lender.
For options 1 (&2), will the respective lenders consider HMRC payments as an acceptable reason to advance additional borrowing?
For option 3, do the terms of the existing mortgage permit a third party to also hold a secured interest in the property? It may not be permitted and would rule out this option if so.