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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?
You can also often increase your mortgage (/take out a 2nd one with the same provider) too rather than ending yours early.
Other half did this yesterday as she's doing a kitchen extension and is only about 3 years into her initial 5yr fixed.
So she'll end up with, say, a 22yr 400k mortgage with 2yrs on the fixed term left
And a second, 25yr 50k mortgage with 5yr fixedSo two payments with slightly different interest rates, both from same provider.
At some point in the future she may consolidate them if it makes sense to.
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duncs
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?