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If I'm on a 5 year fixed rate mortgage will I be able to add some more on to the mortgage/remortgage?

3 replies

VivaLeBeaver · 29/04/2014 18:23

So stay with the same company and same mortgage deal but just add some money onto the mortgage? From a financial point of view we'd be allowed to borrow more money as current mortgage is tiny. But just not sure if we're tied into a set amount.

OP posts:
Betrayedbutsurvived · 29/04/2014 18:26

You don't add money to the existing one, you'll take out a second mortgage, at whatever terms they currently will offer you. So you might have a £40,000 mortgage at 4% a and a second £10,000 mortgage at 4.2% ( or whatever) hope that makes sense.

VivaLeBeaver · 29/04/2014 18:31

Ok, well good to know I can do it but pain it will be at a higher rate. I guess it needs to be with the same company?

Thanks.

OP posts:
crochetcircle · 29/04/2014 23:24

It will depend on your mortgage company but mostly you will need to take the additional borrowing with the same company.

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