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Anyone managed to add £10k to their mortgage lately?

(14 Posts)
Badders123 Fri 03-Feb-17 14:34:54

Hello
Dh and I need to start thinking of remortsgaging when our FR comes to an end later this year.
We are with HSBC.
Since we last took out a mortgage the housing market here has boomed a bit and Dh got a good promotion...
Surely with over one hundred k equity and Dh earning more we should be able to?
Has anyone done this recently and if so, how was it and who with?
Thanks!

Badders123 Fri 03-Feb-17 14:35:24

Forgot to mention it's for a new bathroom

JoJoSM2 Fri 03-Feb-17 15:01:22

I think you should be able to do that but it's worth asking your chosen bank. Also, with your husband earning more, I'd consider saving for the bathroom rather then increasing your mortgage. If you take that money, you might end up paying interest on it for another 20 years...

BarbaraofSeville Fri 03-Feb-17 15:05:13

You can get a personal loan from under 3% these days, which may be a better bet than adding it to the mortgage it you don't have enough savings or don't want to wipe out any savings you have.

I borrowed £10k over 3 years at 3.9% which was the best available rate at the time to add to the money we'd saved to pay for an extension.

Yeah, Ive just released £15k of equity on my house. It was with Nationwide and was really quick, about 6 weeks start to finish with no fees

Badders123 Fri 03-Feb-17 17:04:09

Thank you!

Badders123 Fri 03-Feb-17 19:24:12

Betty
Can I ask what info you had to provide?

19lottie82 Fri 03-Feb-17 19:43:35

Barbara is right..... it makes a lot more financial sense to take out a loan and pay it off that way, as quickly as you can.

Have a look and Work out how much interest you will pay that way, compared to adding it to your mortgage. The difference will be thousands.

TheKurgan Fri 03-Feb-17 20:04:01

For that amount I agree with others above that a loan would be better. However, yes we've just added quite a bit more to our mortgage (for an extension) by going with Natwest. We had to provide detailed bank statements and tax returns.

Badders123 Sat 04-Feb-17 12:46:53

Dh and I have had a chat and agree that saving up is prob best
Just hope the bathroom doesn't fall apart in the meantime! 😀

Fluffycloudland77 Sat 04-Feb-17 15:41:43

What do you need? I see really nice bathroom stuff on eBay & Johnson tiles do a discount website for end of line tiles.
www.cheaptiles.co.uk

I'd love a black/very dark grey suite like you see on instagram

Badders123 Sat 04-Feb-17 16:08:52

Oooh that would be lovely fluff
It's just been a bit of a nightmare with things breaking and needing replacing so all savings have gone on;
Car repairs
Roof repairs
New washing machine
New glasses (for me!) I'm an old model and starting to acquire faults 😀
So since beginning of jan £1200 has been spent so nothing left for bathroom
But the boiler has been serviced today so hopefully I will have hotter water for my bath later!! 👍

mishmash1979 Sat 04-Feb-17 16:12:56

First direct (part of HSBC) wouldn't let us add to our remortgage for business/investment purposes even with over £230000 equity and we have been with them over 20 years

Badders123 Sat 04-Feb-17 16:25:59

That's what concerned me
I've heard lots of people say the same

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