Abdabz

I'm considering a re-mortgage to pay for some modernisation on my property - Gch, UPVC DG - that kinda thing.
How messy/time consuming/expensive is the whole process? I intend to stay with the same lender on the same deal (so no redemption thingummybobs), just bump it up by maybe 5k...
Any advise or experiences to share would be really useful for me deciding whether to stick with plan a (above) or start doing "bob a job" in the evenings
Thanks
P

Chip

Why not have a look around first. There are some really good deals about,

Try: www.thisismoney.co.uk
www.moneyextra.co.uk

Chip

Patt@firstime

Staying with the same lender on the same scheme and borrowing an amount of £5k would be classed as a 'further advance', if thats what you want to do give your lender a call as it's all done over the phone.

Have a look around first as there may be a better scheme about which even with fees makes it cheaper to move (depends on how long youve had your current mortgage, size of redemption pens etc).

Matt

Harry_Boy

Check out if your current loan has redemption penalties. A lot of lenders are offering free legals & valuations on remortgages.

Dracoro

Probably cheaper to get a personal loan. Some good rates about. Re-mortgaging can be the most expensive way to finance these sort of things. I posted on another thread about cost of financing things, I'll dig it up.

Here it is. Check out the final post. http://bbs.scoobynet.co.uk/showthread.php?t=362907

Abdabz

Cheers guys

Blimey Dracoro - that makes scary & interesting reading!!
Thing is a personal loan would hammer me short term (would have to sell scooby and buy a micra!! ), whereas patt@first's 'advance' would sting long term but free up spends here and now (keep scooby out accelerate many motors)...
My current mortgage offers no redemption fees (one of the reasons I chose it) and its a nice discounted rate - which they voluntarily extended the discount on recently. Ive only been in this place 2 years so 23 left on the current mortgage...

I'll enquire about advances as I need to move quickly its starting to get cold up north .

Patt@firstime

Further advances are usually quite quick to do as they won't normally do a valuation (depends on how much borrowing, how much equity left, time since last actual val done etc etc).

Anything else let me know

Matt