Hi,
You may be able to remortgage, your first step may well be to speak to your current lender and to see what there thoughts are.
Quite often a Mortgage lender will offer a customer like you a separate deal to the one that they are on just for the additional borrowing. This will still be secured against your property and is still very much one mortgage, but its what lenders will call additional borrowing on a separate element.
By offering to allow you to do additional borrowing this way, the lender can often loan you this money without you having to pay early redemption charges on your current deal. So you keep you current deal for your current borrowing and do the additional borrowing on a separate rate/deal. The other potential advantage of this is that you can choose how long you want the additional borrowing for rather than having to take it over the same term as your mortgage, which can often be 20+ years.
Obviously, the longer you take the borrowing over, the more interest you will pay overall
When you speak to your lender, ask them if they can take you through an affordability calculator. This is simply a tool they can use to give you an indiciation as to whether your application for additional borrowing would be accepted. It will not credit score you so its a good way of finding out what your lender's response would be without harming your credit rating. If they do take you through an affordability calculator they will want to know details of your current basic salary and any other guaranteed form of income you have, as well as details of any other outstanding borrowing elsewhere so make sure you have this to hand
Hope this helps
Best wishes
Sean
http://www.ifacompare.co.uk/
Favoured: 0
