Increasing my mortage mid-fixed period for house improvements??

Burnsie1983

I’m planning to do some remodelling in my home and have been quoted approximately £7,000 for the bathroom.

Given the current state of the personal loan market (where I’d be lucky to secure loan at around 7% interest), I’m considering asking my mortgage provider if they would allow me to add this cost to my mortgage. Also, if I do get a personal loan then, I’d be restricted on getting another loan if required (i.e. if/when my car blows up!) 

Typically, they require a minimum of £10,000 for this option to be considered, so I’ve been thinking about having the kitchen done as well—both are in need of renovation.

Let’s say I want to borrow an additional £15,000 in total.

How can I estimate what this would add to my monthly repayments? I currently have approximately £130,000 left on my 4.5% mortgage (fixed for another 2.5 years currently), with 25 years remaining, and I’m paying around £720 per month. I have a excellent credit rating, and have no debt other than the mortgage, full-time employment etc etc 

kingstreet

Have a look at your lender's rates for a further advance/additional borrowing. Most lenders publish such rates on their websites.

Typhoon2000

Any additional borrowing will be separate to your existing product. So to work out how much you have to pay on £10000, choose a product that your lender is offering on their website and put that rate and amount into a mortgage calculator.