Additional borrowing on mortgage - please explain?

[Sarahwantsadvice]

Can anyone shed some light on what additional borrowing actually is - is it added onto your mortgage as one payment or a separate application all together?

In the event we ever needed to borrow again (unlikely!), how does this look to lenders and would it raise a red flag/cause issues down the line?

I’m trying to understand whether additional borrowing would be better vs a standard loan or using credit cards. We are looking at about £20K to fund fertility treatment (and also new flooring!). Unfortunately time isn’t on our side due to my age, and although we have savings we wouldn’t feel comfortable spending it all. We are quite risk averse.

Can anyone recommend or raise any issues with additional borrowing? I worry about the long term implications if its secured against our house, but i’m not entirely sure why i feel like this!

you will need to ask your mortgage lender
i took additional borrowing on my mortgage with nationwide in 2013 and it shows as a seperate loan and a seperate payment

We also have additional borrowing on our mortgage but that was the extra we borrowed to move house. It's a separate payment.

You have to be sure you can afford it, especially if your fertility treatment is successful and you end up with childcare costs/and or reduced income due to parental leave/working PT etc

Do you actually have the money saved? If so, use that, then save it back up. After all, you won't be paying an extra mortgage like you would if you borrowed the money.

Or you could use some savings and also apply for a smaller personal loan. The interest rate might be comparable and the overall cost cost be less as the term will likely be shorter.

It can be either an additional loan secured on the property or a completely new mortgage that encompasses “both loans”.

In the current climate you’d probably be better with a new additional loan rather than a new complete mortgage that might be on an higher rate than your existing mortgage.

Compare the mortgage interest rates you are offered with a standard building society loan that is not secured though!

Borrowing secured against your home is far riskier than a personal loan, imo.