New Mortgage for Home Improvements

PierremontQuaker03

Hi, all I paid off my mortgage a couple of years ago - but now I need about 40k towards putting to home improvements (extension and new kitchen). I was looking at a personal loan but I just hate the monthly payments (too high) - so I thought I will take a mortgage out with my current bank (HSBC - which has a top mortgage deal according to this site at the moment). I'm 49 years old and will take the mortgage over 15 years (will try and pay it off when the deal ends).  I am wanting to apply for it now but for it to go through on 01st October - as I don't need the money until then - and what if I cancel or the builders cancel etc etc. Can I do this - in terms of getting the money on 1st October and also there is zero set up fees, but what if I pull the plug and do not want the money - will there be any fees, thanks.

kingstreet

Fees/costs - that would depend on the lender and the solicitor they appoint to administer the remortgage, assuming you take a product with a "free legals" package.

Timing - the solicitor would also control the completion date when you want the funds, so you simply tell them 1 October.

PierremontQuaker03

Just coming back to this and googling it - I have came across the term unencumbered mortgage - does this ring any bells with anyone on the do's and dont's.