Originally posted by Old Hack
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Previously on "Additional borrowing with mortgage - non contractor specific question"
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Remember who owns the digital ticket on 'your' house and they're very unlikely to allow you to secure any borrowing on that piece of paper.
So in short, no.
Creditors can apply to court for a condition of sale order on your house, if you owe them money which you're refusing to pay, so that after the mortgage has been paid, you then settle up with the creditor, if there's any equity left.
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Originally posted by DimPrawn View PostHow would we know?
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Originally posted by psychocandy View PostOK. Basically, I want to borrow an additional sum on my mortgage.
Spoke to existing lender - not a problem.
Existing lender is happy to do so, leaving my existing balance at my low rate of BS+1.1%, but then providing additional borrowing of 20K at 4.09%.
However, I was thinking. Am I obliged to remain with my lender for this? Obviously, I don't want to move my entire mortgage off my great tracker rate, but can I go to someone else for the additional 20K? Im guessing not.
Am I right that only option is for additional borrowing via existing lender or secured loan (not mortgage through someone else)?
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Additional borrowing with mortgage - non contractor specific question
OK. Basically, I want to borrow an additional sum on my mortgage.
Spoke to existing lender - not a problem.
Existing lender is happy to do so, leaving my existing balance at my low rate of BS+1.1%, but then providing additional borrowing of 20K at 4.09%.
However, I was thinking. Am I obliged to remain with my lender for this? Obviously, I don't want to move my entire mortgage off my great tracker rate, but can I go to someone else for the additional 20K? Im guessing not.
Am I right that only option is for additional borrowing via existing lender or secured loan (not mortgage through someone else)?Tags: None
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