Finance/Mortgage question.....
04 December 2002, 08:02 AM
#1
Guest
Posts: n/a
Ok can anyone offer advice/answers?
I've got a flat with a market value of £120,000.
A mortgage of £70,000ish
A personal loan debt of £10,000ish
Is it possible to get a new mortgage for say £80,000 that will pay off the personal loan? Or can i do anything else to add the loan to my mortgage or am i dreaming,lol?
Hope that makes sense!
Cheers,
Nat.
I've got a flat with a market value of £120,000.
A mortgage of £70,000ish
A personal loan debt of £10,000ish
Is it possible to get a new mortgage for say £80,000 that will pay off the personal loan? Or can i do anything else to add the loan to my mortgage or am i dreaming,lol?
Hope that makes sense!
Cheers,
Nat.
04 December 2002, 08:15 AM
#2
Scooby Regular
Join Date: Jul 2002
Posts: 830
Likes: 0
Received 0 Likes
on
0 Posts
As the value of your flat is in excess of your mortgage, you should be able to extend your mortgage up to £80K. Most mortgage companies will lend you up to 95% of the value of the property - it is classed as a secured loan.
It's obviously going to be a low interest rate as it's linked to the mortgage and you can normally specify the terms (5/10/15 yrs) etc.
I did much the same and £10K over 15 yrs for me was only about another £75 a month on my mortgage.
Call you mortgage company, or check their website.
Good luck!
SS.
It's obviously going to be a low interest rate as it's linked to the mortgage and you can normally specify the terms (5/10/15 yrs) etc.
I did much the same and £10K over 15 yrs for me was only about another £75 a month on my mortgage.
Call you mortgage company, or check their website.
Good luck!
SS.
04 December 2002, 12:38 PM
#3
Scooby Regular
Join Date: May 1999
Posts: 1,320
Likes: 0
Received 0 Likes
on
0 Posts
You may wish to look at an offset mortgage as run by IF or Barclays Openplan. Your long balances in your savings account and current account offset your mortgage interest so you effectively get 4.75% gross interest on your savings.
But yes you can remortgage. You can take a further advance with your current lender or just switch lenders and shop for a better deal. Lots of fixed rates out there but you may be tied in so be wary.
Dave
But yes you can remortgage. You can take a further advance with your current lender or just switch lenders and shop for a better deal. Lots of fixed rates out there but you may be tied in so be wary.
Dave
04 December 2002, 03:54 PM
#4
Scooby Regular
Join Date: May 1999
Location: Wolverhampton
Posts: 480
Likes: 0
Received 0 Likes
on
0 Posts
Nat21,
As a mortgage broker this is the type of thing I do all the time. You are a bit out of the way for me but a colleague of mine lives in Irthlingborough. If you want his name and number I'm sure he will be able to help you.
Andrew
As a mortgage broker this is the type of thing I do all the time. You are a bit out of the way for me but a colleague of mine lives in Irthlingborough. If you want his name and number I'm sure he will be able to help you.
Andrew
04 December 2002, 04:55 PM
#5
Scooby Regular
Join Date: Dec 2004
Posts: 4,726
Likes: 0
Received 0 Likes
on
0 Posts
Nat,
Without knowing the ins and outs of the other details to do with the mortgage, I can't say for sure but from what you have said a further advance sounds the cheapest and a lot easier than any way.
I am a Mortgage Broker (independant) and am based in Coventry but work quite a bit in Northampton and have gone accross as far as Rushden before. If you want any further help give me a call on 024 7622 1919.
Matt
Without knowing the ins and outs of the other details to do with the mortgage, I can't say for sure but from what you have said a further advance sounds the cheapest and a lot easier than any way.
I am a Mortgage Broker (independant) and am based in Coventry but work quite a bit in Northampton and have gone accross as far as Rushden before. If you want any further help give me a call on 024 7622 1919.
Matt
Thread
Thread Starter
Forum
Replies
Last Post