Advice of what i should do?

TEDDYRUKSPIN

I am trying to buy a property abroad and would like to borrow more money from a bank or my current mortgage holder. My house has doubled in price and if valuated I think any bank should be able to borrow in excess of 85k. I would like to purchase a property but would like to have to pay back varied amounts back to the bank. So I guess I am suited to a discount or offset mortgage, right?!?!?? Do you think if I went to different banks that they will not charge me for administration or for revaluating my house?
My current house is still fixed for another 3 years and was wondering if that would affect me in borrowing more money?
This site has many fantastic experienced individuals and I would like some sound advice from sound people like you.
Cheers. :beer:

TEDDYRUKSPIN

Please anyone with advice??

Robert_Sterling_3

Someone might "revaluate" your home and then not charge for the "revaluating" provided that subsequently you proceeded to take a loan from them. I do not think anyone would want to value it just on the off chance that you might sign up for a loan.

Ian_W

Teddy,
Why don't you contact your current lender first, explain how much you want and see what they'll lend and how much it will cost?
I'm no expert but I've always understood that a second mortgage against a property is more expensive in both interest rates & fees because it's not as secure for the 2nd lender, ie if you defaulted 1st lender gets to sell your prop to pay off what they're owed, 2nd lender only gets what's left over - so bigger risk, more expensive.

Conrad

TEDDYRUKSPIN wrote:

I am trying to buy a property abroad and would like to borrow more money from a bank or my current mortgage holder. My house has doubled in price and if valuated I think any bank should be able to borrow in excess of 85k. I would like to purchase a property but would like to have to pay back varied amounts back to the bank. So I guess I am suited to a discount or offset mortgage, right?!?!?? Do you think if I went to different banks that they will not charge me for administration or for revaluating my house?
My current house is still fixed for another 3 years and was wondering if that would affect me in borrowing more money?
This site has many fantastic experienced individuals and I would like some sound advice from sound people like you.
Cheers. :beer:

It is very likely that the cheapest option will be a further advance from your current lender.

If you opt for an alternative lender for the new portion this is called a second charge and is almost certainly liable to a much higher rate of interest as second charges are inherintly more risk for lenders when it comes to repossesion.

BTW, Im buying investment land abroad (Berlin), be very careful. Many a foreign lawyer / developer runs off with your money. Always use a Lawyer from the capital city and not one recommended my the E/A or developer. Trust no - one and what ever rent you have been told to expect, halve it especially in places like Bulgaria (short season).

TEDDYRUKSPIN

I went to my mortgage lender and they would only allow me to borrow 22k extra but if my wife was added (another story meaning costs for administration plus solicitors), they would borrow upto 45k, not to forget an interest rate of 5.49%.
Would it be better to go to another mortgage lender and remortgage then ask for more money? Or would it be better to just borrow a loan? A loan meaning a more higher interest rate.

grumpyoldgit_2

If you have a branch of the Bradford & Bingley near you call in and ask to speak to their mortgage advisor (free service even for non-account holders) they reckon to offer the widest impartial advice on the High Street using their 'MarketPlace'. You may have to make an appointment but it will be worth it.

I have always found that they at least tell you what to look out for and where not to go! They also have free independent financial advisors on the staff - I once followede their advice and moved accounts to another (non B&B) provider because it was on better terms - REAL independence!!

Good Luck
GoG
:think: