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Question re additional borrowing..
ferry
Posts: 2,017 Forumite
Just thinking out loud.
If I say apply to take out 10K of additional borrowing on top of my mortgage with my current lender,(which has 14 years left),but the additional borrowing over 25 years to keep the payments down...
Can I then remortgage to another lender after my fixed term is up (next year) to another lender if they're offering a better rate for 12 years for the whole sum?
If you get what I mean..:T
Ferry
If I say apply to take out 10K of additional borrowing on top of my mortgage with my current lender,(which has 14 years left),but the additional borrowing over 25 years to keep the payments down...
Can I then remortgage to another lender after my fixed term is up (next year) to another lender if they're offering a better rate for 12 years for the whole sum?
If you get what I mean..:T
Ferry
:j
0
Comments
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who is your lender?I am a Mortgage Adviser
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.0 -
Hi MM
Cheltenham & Gloucester.:j0 -
If your LTV is acceptable you should be abe to borrow whatever you need.
However, mortgages are designed to buy houses. You must have already done that so what is the £10,000 for? As a rule, it is not good to borrow.
Most people NEVER save £10,000 but many spend it. Usually on things that are worthless.
It takes a lot of saving.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Cheers
LTV 114k on a property worth £265k.
Looking at borrowing to invest back into the house really-improvements like new kitchen and bathroom.
You're quite right though we'd never be able to save that amount at this time so is this worth considering for these reasons?
Thanks for the onoing advice:j0 -
When people borrow money it is usually for the most honourable reasons. A new extension or much needed car for work. In truth, if they hadn't spent their money on the more flippant purchases, they would have no need to borrow.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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