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Borrowing more while in fixed rate period
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jamja
Posts: 75 Forumite



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.
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@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.
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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.0
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