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HTB/borrowing more
starlet1997
Posts: 7 Forumite
Hi all,
I have a HTB mortgage with my partner 5 year fixed which runs out June 2024.
Since taking out the mortgage we have both entered DMP which we are up to date with, however obviously our credit rating has taken a battering as a result.
If we were to borrow more on our mortgage with our existing lender, would they do credit checks? Just thinking of doing it to pay off the HTB and maybe just £1000/2000 spare as our washing machine is packing in and our sofa is broken 😬
is there any benefit doing it now or should we just wait until next year?
I have a HTB mortgage with my partner 5 year fixed which runs out June 2024.
Since taking out the mortgage we have both entered DMP which we are up to date with, however obviously our credit rating has taken a battering as a result.
If we were to borrow more on our mortgage with our existing lender, would they do credit checks? Just thinking of doing it to pay off the HTB and maybe just £1000/2000 spare as our washing machine is packing in and our sofa is broken 😬
is there any benefit doing it now or should we just wait until next year?
0
Comments
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additional borrowing always requires credit checks.Not judging but I don’t think borrowing more is the solution.0
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With mortgage rates of 4%+ and property prices stagnant to reducing, repaying the HTB loan now may not be advisable. When payments start, the rate will be 1.75%.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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