Additional loan

Livia_2

Hello,

I have secured a new mortgage product with the same lender, I now decided that I would like an additional loan.
New product is to start in a few weeks time. Can someone please tell me how does the additional loan work, and what do they base their lending criteria on. (How much can I borrow).
Please advise.

Many thanks
Livia

_Andy_

Best bet would be just to ring them and ask if they can increase the mortgage amount.

Livia_2

Hi Andy,
Thank you for your reply, do you mean that I should ask them for a mortgage on a higher amount than the existing?
If so my concern is that as the new product is already secured the lender will decline.

Many thanks
Livia

_Andy_

Hi Livia

You're welcome.
It's hard to say whether they'll let you increase it or not - really depends on the lender, whether the product is still available etc. Too many factors to say.
If you give them a call you'll be able to find out for sure.

Cheers

Livia_2

Thank you again Andy,

I rang them and the product is no longer available (I guessed that) so I cannot get all in one. They offered an additional loan on a repayment 6.99% (current rate). I can afford the combined mortgage.
What is your advise, shall I apply?
(I don't think that I can get a better deal somewhere else)

Thanks again.
Livia