Borrowing extra for home extension

bharathmed

Hi 

I am on tracker mortgage with early repayment charge ( I think 3k) if leaving before may 2025.  I have to borrow extra 150k for home extension.  Is it worth asking current lender and if they do lend this, can I remortgage with new lender in may 2025. Or is it better to remortgage with new lender with better fixed rate (and pay ERC with current lender- who is YBS) now.
Any advice from whoever has experienced similar, much appreciated. Thankyou.

BarelySentientAI

bharathmed said:

I am on tracker mortgage with early repayment charge ( I think 3k) if leaving before may 2025.  Or is it better to remortgage with new lender with better fixed rate (and pay ERC with current lender- who is YBS) now.

Is the fixed rate "better" enough to save 3k?

Hoenir

What interest rate are currently paying? 

How much is your current mortgage? 

Who is your lender at the moment? 

What's the current value of the property? 

bharathmed

Thanks Hoenir
5.44% at present (BoE rate plus 0.19) on Tracker
300k mortgage balance
Yorkshire building society 
530-540K current value of property approx

BW