19,000 morgage what would you do?

catsonic

house now worth 90,000.

if i wanted to move i would have to pay 100-120,000 for a better house than i've already got.

would i be able to remorgage to do extention? or would they tell me to !!!!!! off cause my morgage is so low?

im with nationwide by the way! do i stay with them or look elsewhere?

BoltonMinx

Maybe you'd be interested in Martin's loophole mortgage ? Post here: http://forums.moneysavingexpert.com/showthread.html?t=88453

Ian_W

Catsonic,
Not really sure what your query is. Is your mort £19k now? If so any extension [other than adding a coal bunker ] is likely to bring your remort to the £25/30k min that most other lenders would consider taking on. If it's £19k inc the extension then a lot of lenders won't be interested, NW certainly will be and have some very competitive [not market leaders - but good] fixed and tracker rates, charges are likely to be lower as an existing customer so I'd see what they can offer.

catsonic

hi ian. yes my morgage is 19,000 without extension.

Froggitt

Assuming an extension costs you thirty grand or so, and makes your house worth 160 grand or so, and ups your mortgage to 50 grand or so, all lenders will be falling over themselves to lend to you as theres so much equity in the property.

Ian_W

As per Froggits answer.
If you want to remort now you're probably best staying with NW [though you should check yourself]. You could then get a further advance from them to cover extension once you've costed what you want doing and got PP.
Alternatively, wait until you've got costed plans & PP and remort then with whoever you feel offers the best deal - world's yer lobster!! Given £70k equity in your prop you should be able to afford all but the grandest extension without to many worries.
Obviously your earnings will have to be acceptable to lender for new level of mort outstanding.

catsonic

thanks i see now!

so best to find out how much it will cost for extension then go to nw and see what the monthly repayments are going to be and then decide what to do?