Borrowing more while in fixed rate period

jamja

I am coming to the end of my fixed rate with the nationwide and planning to fix again asap. I am debating how long to fix for. We plan to ask the nationwide for additional borrowing in a few years to help fund a house extension, but does this need to correspond with a new fixed deal? If we fixed for 5 years but decided to ask for additional borrowing in 3 years, would it be a complete change of product that would then have an ERC, or is the additional borrowing treated separately? Thanks.

K_S

@jamja The additional-borrowing/further-advance can be done independent of the main mortgage part, as long as 6 months have elapsed from the start of the mortgage. You would end up with 2 parts to your mortgage on two different products - the main part and the additional-borrowing part.

jamja

That's helpful, thank you. My instinct is to fix for 5 years, but I had been thinking that 3 years would be required to tie in with the additional borrowing.