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Might be better off just absorbing the repayment penalty and getting a brand new mortgage at the best available terms that also includes the additional borrowing I want. Is that a thing? As in, can I negotiate a cash amount to be provided on taking out the mortgage?
It is. Generally the mortgage company doesn't care that much about the previous mortgage so long as you have the property value to cover it.
I remortgaged a few years back and added extra cash for a loft conversion. So long as I had suitable LTV it was fine.
aggi
Cheers. I've tried with this one and am getting a rough sense. Hadn't considered the bearing of interest rate, so will need to see what sort of low fixed rate offers are available.
https://www.nationwide.co.uk/products/mortgages/our-mortgages/mortgage-calculators/mortgage-payments
Edit: Seems as though my current lender's terms are up to 35 years, so I can use the calculator to figure out my rate tolerance.
Might be better off just absorbing the repayment penalty and getting a brand new mortgage at the best available terms that also includes the additional borrowing I want. Is that a thing? As in, can I negotiate a cash amount to be provided on taking out the mortgage?