Remortgaging for house repairs

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dantheman8t5
dantheman8t5 Posts: 34 Forumite
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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

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  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    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: 3 Newbie
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    Consider exploring a further advance from your current lender to fund the necessary repairs, as remortgaging might incur early repayment charges.


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