When my fixed rate is up can I borrow more money?

[Aria2015]

We have a fixed rate, it's up next year. Does anyone know if we can borrow more money to spend on house stuff (new kitchen say)? By next year we'll own between 40% to 50% of the value of our house and have 23 years left on the mortgage. We've got 30 years until retirement age. Also if it can be done is it expensive? Or just part of the overall process of renewing the mortgage? Thanks in advance for any replies!

You will need to shop around and see what new deals are available,they change all the time.
Probably worth using a mortgage broker as they have access to more packages and deals.
Impossible to say if you will be able to borrow more but many people do this don’t they? It depends on your earnings,equity etc.

As above, you will need to shop around. In principle it’s as simple as asking for more money against the house, and over a longer time period. If it’s with a new lender you’ll have to go through all the background checks anyway so it doesn’t make that much difference. It will come down to earnings, LTV, the repayment cost etc. We tripled our old mortgage to buy our current home, and added to the repayment time but it’s mostly down to affordability and risk to the bank

Yeah it's a perfectly normal thing to do. The underlying caveat is that you pass the affordability checks for the higher amount. You can remortgage entirely and go with someone else if they have a better deal, or just 'add on' the extra bit if you want to stay with current provider. Depends on circumstances (e.g. work you've had done to the house) you might want to make sure they do a proper valuation survey rather than just desk based.

Absolutely you can. We did it to build an extension. London and Country sorted it all out. No probs at all.

Thanks for the replies. We'll shop around. It's up in the summer so have a bit of time. I think money wise we'd be ok but will speak to a mortgage broker to get a feel for what we'd be looking at. Thanks again.

It's a full application for either a further advance with your existing lender or a remortgage with a different one so you may as well look at other lenders. Rates are good at the moment. Let me know if you need any help (I'm a broker!)