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Nationwide: additional borrowing
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graham_page
Posts: 5 Forumite
Hi
Im looking at borrowing £30k against my home (£300000)
we have the existing mortgage with Nationwide.
when I'm looking on NW mortgage page and going through the application it wont let me have the additional borrowing for a longer period than the existing mortgage.
surly this would be a new product,,, so would be stand alone to the current mortgage...
am I wrong?????
Im looking at borrowing £30k against my home (£300000)
we have the existing mortgage with Nationwide.
when I'm looking on NW mortgage page and going through the application it wont let me have the additional borrowing for a longer period than the existing mortgage.
surly this would be a new product,,, so would be stand alone to the current mortgage...
am I wrong?????
0
Comments
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sounds like you are taking out a loan, not adding to your mortgage.
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Hi Brie, no Im going through the additional borrowing process on the mortgages pageBrie said:sounds like you are taking out a loan, not adding to your mortgage.0 -
I don't believe part 2 of your mortgage (which would be the additional borrowing) is able to end after part 1.1
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Be the Nationwide's policy.
Most likely you'd have to apply to extend the borrowing term of the existing mortgage debt prior to applying for the additional borrowing.
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Nationwide policy - additional borrowing term must be at least two months shorter than “parent mortgage” term.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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