-
Obvious answer is obvious (i.e. contact the lender/broker) but in theory:
Say my home was valued at £30. I had a mortgage for £20 which I had been paying off for a couple of years and I wanted to move to a house worth £35. Presumably it's not out of the realms of possibility to extend the mortgage by an extra £5 and that it would be an easier process than it was to get the original £20 mortgage (which being self employed required showing years of earnings etc)?
Yes, should be easy but also depends on:-
a) the term of the mortgage (borrowing a chunk more becomes more of a problem the less time there is left on the mortgage) assuming you don't (or can't) extend the mortgage
b) costs associated with buying/selling/moving (conveyancing, surveys, removals and, not least, stamp duty)Just calculate the repayments based on the new figures and compare with what you pay now, also with a plan of where the SDLT/costs are going to come from.
-
Sadly it’ll be just as complex as last time.
A friend of mine wanted to do it the other way - reduce his mortgage from £25 to £20. His lender made him go through all the checks again and because he’d had two lean years at work they refused to lend him less than he was currently borrowing and had paid back without problem for the lean years. Nonsense, but them’s the rules.
Depending on when you got the last mortgage it may have got slightly harder or slightly easier but it’ll still be a full application.
You are reading a single comment by @CYOA and its replies.
Click here to read the full conversation.
Greenbank
Hefty
@CYOA
Obvious answer is obvious (i.e. contact the lender/broker) but in theory:
Say my home was valued at £30. I had a mortgage for £20 which I had been paying off for a couple of years and I wanted to move to a house worth £35. Presumably it's not out of the realms of possibility to extend the mortgage by an extra £5 and that it would be an easier process than it was to get the original £20 mortgage (which being self employed required showing years of earnings etc)?