We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Remortgaging for house repairs

Options
dantheman8t5
dantheman8t5 Posts: 34 Forumite
Third Anniversary 10 Posts
in Mortgages & endowments
Hi, I took out a 2yr fixed rate mortgage last September. I need to have some roof and rendering repairs done on the house which the insurance deem as wear and tear and will not cover.

Is it possible to look at remortgaging part way through my current one to release some equity to pay for the required repairs?

Thanks

Comments

  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    A further advance from your existing lender would make more sense. A remortgage (a new mortgage with a new lender to replace the current one) would probably result in early repayment charges
    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.
  • Jaguar98
    Jaguar98 Posts: 17 Forumite
    10 Posts
    Consider exploring a further advance from your current lender to fund the necessary repairs, as remortgaging might incur early repayment charges.


★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture