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Borrowing Extra With Mortgage
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Products like Northern Rock Together combined a mortgage and an unsecured loan. There is nothing to stop you doing similar with the same or different lenders, if they will lend to you.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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not possible with a mortgage. They only lend to the value of the house plus deposit.
We bought and renovated over a period of 6 years and saved up to do things over time.
"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I think I have confused some that have replied, my apologies.
We do have a 5% deposit, and using the HTB equity loan. I was hoping to borrow an extra £6,000 on top of my mortgage.
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Unfortunately that means you don't have any additional equity to borrow against, nor can you reduce your deposit to borrow more, so you are going to have to go for an unsecured loan for the additional money, or... just manage with what you've got until you can afford the extras without further borrowing.Money_Wasting_Expert said:
We do have a 5% deposit, and using the HTB equity loan. I was hoping to borrow an extra £6,000 on top of my mortgage.
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If the extra £6k takes you to under 5% deposit then it will not be possible as I believe 5% is the minimum deposit required to qualify for HTB at the moment…
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