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Borrowing extra and remortgaging
FrugalFanny
Posts: 1 Newbie
My mortgage deal ends next month and I want to borrow more money to purchase some land.
I received an acceptance for an offer in principle with a LTV of 40%, but when I had the meeting, they said that the maximum they would lend me was £22k less than requested. I forgot to tell them about child maintenance payments and rent from my eldest son.
If I stay with my original lender for my mortgage, would extending the term increase my chances of borrowing more?
Does the original mortgage and extra borrowing have to be for the same term?
Can I fix one for 3 years and the extra borrowing for 5 years?
I have been overpaying by £800 each month for the last 3 years and the new borrowing I require is £300 less each month than what I have been paying!
I received an acceptance for an offer in principle with a LTV of 40%, but when I had the meeting, they said that the maximum they would lend me was £22k less than requested. I forgot to tell them about child maintenance payments and rent from my eldest son.
If I stay with my original lender for my mortgage, would extending the term increase my chances of borrowing more?
Does the original mortgage and extra borrowing have to be for the same term?
Can I fix one for 3 years and the extra borrowing for 5 years?
I have been overpaying by £800 each month for the last 3 years and the new borrowing I require is £300 less each month than what I have been paying!
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