Can I ask bank to increase amount on mortgage?

aj9648

Hi

I remortgage my house last year to pay for an extension. I borrowed £100k with atom bank and the process was easy enough. 

My build is going to cost more - materials increased in price, few complications in the build and we decided to extend the scope of works and do ‘more’ than we were planning - we were going to do a loft conversion later down the line but decided to do it now

i probably need another 30-40k - can I ask Atom to increase how much they lend me. I don’t really want to get a second charge mortgage or a loan 

Any other options? 

london21

Contact your mortgage provider and hear what they say.

The rates might not be the best if you are not due for a re-mortgage and will be seperate to the main mortgage, your extra £100k.

aj9648

They said I need to speak to my broker so I guess that’s a no then 🙁

[Deleted User]

aj9648 said:

They said I need to speak to my broker so I guess that’s a no then 🙁

they said to speak to your broker as they are a broker only lender.  They can not advise on mortgages direct.   Its not a No,  its a 'we cant talk to you about this'

aj9648

Deleted_User said:

aj9648 said:

They said I need to speak to my broker so I guess that’s a no then 🙁

they said to speak to your broker as they are a broker only lender.  They can not advise on mortgages direct.   Its not a No,  its a 'we cant talk to you about this'

Ok thanks. What would next course of action be? Speak to my broker and get them to speak to atom about the increasing the provision? I assume I can avoid another application / valuation etc etc?? 

[Deleted User]

Speak to a broker, they may be able to apply for further borrowing if atom have any products.  If you're mortgage is currently with them already then its a brand new application for further funds so will require all new documents and valuation. 

Atom may still not offer aby additional borrowing products, i dont use them so don't know. First step is your broker to ask if its an option