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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.
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Greenbank
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)?