varley16 Posted January 14, 2012 Share Posted January 14, 2012 Im after free advice, me and the wife want to extend or borrow more cash on our mortgage, we are comfortable with our payments, and we aim to do the kitchen. We. Are aiming for 5k more. How do we go about this, does it effect my current mortgage much in terms of payments? Thanks for any advice. Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted January 14, 2012 Share Posted January 14, 2012 Sarnie is your man for all things mortgage related Quote Link to comment Share on other sites More sharing options...
Keyser Posted January 14, 2012 Share Posted January 14, 2012 We need a "PM Sarnie" smiley Quote Link to comment Share on other sites More sharing options...
Chris`I Posted January 14, 2012 Share Posted January 14, 2012 We need a "PM Sarnie" smiley Tis getting more common isnt it. Quote Link to comment Share on other sites More sharing options...
Ricey Posted January 14, 2012 Share Posted January 14, 2012 Im after free advice, me and the wife want to extend or borrow more cash on our mortgage, we are comfortable with our payments, and we aim to do the kitchen. We. Are aiming for 5k more. How do we go about this, does it effect my current mortgage much in terms of payments? Thanks for any advice. Ok - my free, non regulated advice which you should not rely upon or assume is any kind of qualified (even though I am) advice. 5k - is it worth the bollock ache of applying for a Further Advance? Can't you get it on interest free credit for a few years with the manufacturer thus saving yourself many thousands of pounds interest over the next 25 years? No - ok then. Its called a Further Advance and most lenders are still doing them subject to your affordabiltiy, equity in your property. Its not always on the same rate as the mortgage rate you currently have. This is a good tool - http://www.moneysupermarket.com/mortgages/calculator/ 5k over 25 years at a rate of 5% is £29.23 on repayment (meaning the debt is repaid at end of the term) and £20.83 on interest only (meaning you only repay the interest charges on the debt). 25 years is 300 months - 300x 20.83 (assuming no rate changes for the next 25 years) means £6249 interest PLUS the original £5000 PLUS any fees that the lender charges - total as an example £11249 repayable. Any questions - PM Sarnie Quote Link to comment Share on other sites More sharing options...
Sarnie Posted January 14, 2012 Share Posted January 14, 2012 Im after free advice, me and the wife want to extend or borrow more cash on our mortgage, we are comfortable with our payments, and we aim to do the kitchen. We. Are aiming for 5k more. How do we go about this, does it effect my current mortgage much in terms of payments? Thanks for any advice. Cheers guys Varley you have PM Quote Link to comment Share on other sites More sharing options...
varley16 Posted January 14, 2012 Author Share Posted January 14, 2012 thanks for the help Quote Link to comment Share on other sites More sharing options...
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