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Extra borrowing on mortgage
VAelizVS
Posts: 11 Forumite
Is it possible to borrow extra on our mortgage? We are due to remortgage in October and ideally would like to borrow a bit more for some home improvements. (A small extension and some general tiling/redoing the flooring)
We are with Precise at the moment. Does anyone have any experience of this? And working with precise? Happy to remortgage with them if needs be
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Hi!
It is possible, Myself and my OH are doing this at the moment - although a little different because i'm only just being added to the mortgage. We've gone through a broker, but the process was simple enough. All depends on equity, affordability etc I guess.
Wishing you luck!0 -
@VAelizVS What you are looking for is called a capital-raise remortgage. Most residential lenders (including Precise) will be happy to consider for home-improvements. This is of course subject to the affordability numbers and LTV stacking up for the borrowing amount you need. At remortgage time you can look at the best option available for you in the wider market, not just Precise.
I am a Mortgage Adviser - 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.
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