Remortgage query

[spnfan]

Hello all,

thought i'd try here first rather than spending goodness knows how long on hold to the mortgage company!

Our fixed term is ending in the near future and I was already considering some 'additional borrowing' for debt consolidation. (I know this isn't the best way to get rid of it but we have over £150k equity in the house and are getting nowhere fast with significant debts.)

So my question is - when the term ends can we remortgage to include some of the bigger debts? or do we have to just remortgage the mortgage amount and apply for additional borrowing?

Thank you!

I considered the same. The process would be more rigorous, more checks for affordability etc and the extra borrowing will impact your LTV so May mean the rates are not as good if you drop below a certain LTV %.

Worth looking for good deal with your current valuation and outstanding capital, and see difference in payments etc

If you borrow the extra money to consolidate the rate will be higher.

Say it's for home improvement and it's a more preferential rate.

Hi spnfan
Yes you can do that.
Debt/credit commitments arise/accumulate for a multitude of reasons.
Debt consolidation is a solution for consideration - pros & cons.
If you are able to change lender, you may find a better/lower rate is available than what your existing lender would offer if you stick with them.