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Does a reportage v remortgage with a drawdown have different rates?
Cash_Cow
Posts: 131
Forumite
Just trying to line up my ducks based on booking a consultation for a remortgage. My £150k 2yr fix ends early next year BUT I want to pull £200k out on top too.
Will they charge a higher rate on the drawdown 'based on what it will be used for'? Say 20% deposit on a holiday home or BTL v buying a car (fast one!) etc, or will they just be happy its secured on main asset at 55% LTV?
Just need to know how they think as I have a few ways to fund this planned project.
Cheers
Will they charge a higher rate on the drawdown 'based on what it will be used for'? Say 20% deposit on a holiday home or BTL v buying a car (fast one!) etc, or will they just be happy its secured on main asset at 55% LTV?
Just need to know how they think as I have a few ways to fund this planned project.
Cheers
0
Comments
-
The only thing that affects the rate are:
LTV,
Tie in period,
Fees/no fees.
Whether you take it out for a fast car, faster women, home improvements or anything else will not have an impact on the rate.I am a Mortgage AdviserYou 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.0 -
Thank you - you are very good to me as I make big life decisions!0
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