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Borrowing more while in fixed rate period

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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.

Comments

  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @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.

    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. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • jamja
    jamja Posts: 75 Forumite
    Part of the Furniture 10 Posts Combo Breaker Debt-free and Proud!
    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.  
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